As filed with the Securities and Exchange Commission on August 25, 2026

1933 Act Registration File No. 333-44568

1940 Act File No. 811-10085

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933 ☒

Pre-Effective Amendment No.                    ☐

Post-Effective Amendment No.       42       ☒

REGISTRATION STATEMENT
UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒

Amendment No. 43 ☒

Hillman Capital Management Investment Trust
(Exact Name of Registrant as Specified in Charter)

Three Main Street

Suite 215

Burlington, VT 05401

(Address of Principal Executive Offices) (Zip Code)

(802) 540-0019
(Registrant’s Telephone Number, including Area Code)

Paracorp Inc.

2140 South Dupont Hwy.
Camden, DE 19934

(Name and Address of Agent for Service)

COPIES TO:

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective (check appropriate box).

If appropriate, check the following box:

SUBJECT TO COMPLETION.

DATED AUGUST 25, 2026.

THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION IN WHICH THE OFFER OR SALE IS NOT PERMITTED.

LeagueShares Sports ETF Trust

Listed on [●]

PROSPECTUS

[●], 2026

The U.S. Securities and Exchange Commission (the “SEC”) and Commodity Futures Trading Commission (“CFTC”) have not approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

TABLE OF CONTENTS

LEAGUESHARES LEVERAGED ANAHEIM DUCKS^® ETF – FUND SUMMARY

Important Information About the Fund

The investment objective of the LeagueShares Leveraged Anaheim Ducks^® ETF (the “Fund”) is total return. The Fund intends to achieve its investment objective primarily by seeking daily investment results, before fees and expenses, that target up to two times (2x) the daily return of the CME FSPI NHL Anaheim Ducks Index (the “Reference Index”) for a single day, not for any other period. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. Eastern Time. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Reference Index for the same period. For periods longer than a single day, the Fund will lose money if the Reference Index’s performance is flat, and it is possible that the Fund will lose money even if the level of the Reference Index rises. Longer holding periods, higher Reference Index volatility, and greater leveraged exposure each exacerbate the impact of compounding on an investor’s returns. During periods of higher Reference Index volatility, the volatility of the Reference Index may affect the Fund’s return as much as or more than the return of the Reference Index.

The Fund does not intend to seek daily exposure to the Reference Index in excess of 200% of the Fund’s net assets; however, the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets, and potentially significantly less than 200%. The Fund’s exposure to the return of the Reference Index on a given day is at the sole discretion of the Fund’s investment adviser.

The Fund presents different risks than other types of funds. The Fund uses leverage and is riskier than similarly benchmarked funds that do not use leverage. The Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (up to 2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full principal value of their investment within a single day.

Investment Objective

The LeagueShares Leveraged Anaheim Ducks^® ETF (the “Fund”) seeks total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that 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.

(1) Estimated for the Fund’s initial fiscal year.

(2) LeagueShares Advisors, LLC (the “Adviser”), the Fund’s investment adviser, also serves as the investment adviser to the Subsidiary (defined below), and provides the Subsidiary with the same type of management services, under essentially the same terms, as it provides the Fund. The Adviser has agreed to waive the management fee of [ ]% to be paid by the Subsidiary. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and at least through [ ], 2027. This waiver may be terminated only with the approval of the Subsidiary’s Board of Directors.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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 Shares are held in a taxable account. These costs, which are not reflected in the Total 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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by providing investors with daily leveraged (up to approximately 2x) exposure to the CME FSPI NHL Anaheim Ducks Index (the “Reference Index”), which is a measure of the on-ice competitive performance of the Anaheim Ducks, a professional hockey franchise and member club of the National Hockey League (the “NHL”) (such performance, “Team Performance”).

The Fund seeks to achieve its investment objective primarily by investing in: (i) futures contracts that provide exposure to the Reference Index or other indexes measuring Team Performance and that trade on an exchange registered with the Commodity Futures Trading Commission (“CFTC”) as a designated contract market (a “DCM”) (such contracts, “Listed Futures Contracts”); (ii) swap agreements and other derivative instruments that provide exposure to the Reference Index or other indexes measuring Team Performance (“Swap Agreements,” and together with Listed Futures Contracts, “Team Performance Investments”); and (iii) cash, cash equivalents, or high-quality securities that serve as collateral for the Fund’s Team Performance Investments (“Collateral Investments”). Listed Futures Contracts are expected to be cash settled; neither the Fund nor any counterparty is expected to make or take delivery of any underlying asset.

The Fund is not limited to the instruments of any particular exchange, sponsor, or reference measure. The Fund may invest in Listed Futures Contracts of any expiration date traded on any DCM. As the market for instruments referencing sports performance develops, additional contracts may be listed by other exchanges, and additional sponsors may develop competing measures of Team Performance. The Fund may invest in any such instruments that the Adviser determines provide appropriate exposure to Team Performance, and the Fund’s investments may shift among instruments, exchanges, or reference measures over time. The Adviser may consider the following factors, among others, in selecting among available instruments: liquidity and depth of market; transaction, clearing, and financing costs; margin requirements; contract terms and settlement mechanics; position limits and position accountability levels; the creditworthiness and operational capabilities of the Fund’s futures commission merchants (“FCMs”), clearing organizations, and swap counterparties; and prevailing market conditions.

The Fund is actively managed and does not seek to track or replicate the performance of any index over any period. The Fund’s exposure to the Reference Index on a given day is at the sole discretion of the Adviser. The Fund seeks daily exposure to the Reference Index of up to 200% of the Fund’s net assets (approximately two times, or 2x), and does not intend to exceed that level; the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets. To maintain approximately 2x exposure, the Fund expects to rebalance its Team Performance Investments daily — increasing exposure following days on which the value of its positions rises and reducing exposure following days on which it falls — so that leverage applies to each day’s starting net assets rather than to a shareholder’s original investment. Because of daily rebalancing and compounding, the Fund’s return over any period longer than a single day will very likely differ, in amount and possibly in direction, from two times the change in level of the Reference Index over that period.

The Fund may not be able to obtain the desired level of exposure to the Reference Index. The amount of exposure the Fund is able to obtain depends on the following factors, among others: the availability, listing status, and liquidity of Team Performance Investments; position limits or position accountability levels established by a DCM or the CFTC; regulatory limits on leverage risk; volatility in, or a disruption to, the market for Team Performance Investments; the willingness of counterparties to enter into Swap Agreements referencing the Reference Index; and margin or other requirements imposed by the Fund’s FCMs, a DCM, the CFTC, or other regulators. Because instruments referencing sports performance are newly developed and have no trading history, these constraints may be more significant for the Fund than for a fund investing in an established futures market. There can be no assurance that the Fund will be able to achieve or maintain its target exposure.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Team Performance Investments and other investments that provide exposure to Team Performance or have economic characteristics that are substantially similar to such exposure. For purposes of compliance with this investment policy, derivative contracts (i.e., swap agreements and futures contracts) will be valued at their notional value.

The Anaheim Ducks are a professional ice hockey team competing in the NHL, based in Anaheim, California, and playing home games at Honda Center. Founded in 1993, the franchise won the Stanley Cup in 2007. The Anaheim Ducks finished the 2025–26 season with a 43-33-6 record (92 points), placing third in the Pacific Division and qualifying for the Stanley Cup Playoffs, where the team was eliminated in the Second Round. The NHL season generally runs from October through April, with postseason play continuing through June. The team’s statistical performance data used by the Reference Index is produced and published by the NHL as official league statistics. The Reference Index is published under the symbol NHLANA and closed the 2025–26 season at approximately 6,604, or approximately 12% below the base value.

An investment in the Fund is not an investment in the Anaheim Ducks, the NHL, or FutureSports, and does not convey any ownership, revenue participation, ticket, licensing, or other rights with respect to any of them. Shareholders have no recourse against the team, the league, or the Index Sponsor for actions that adversely affect the Reference Index or the Fund.

Unlike many other futures-based exchange-traded products, the Fund will not issue its shareholders a Schedule K-1 for tax reporting purposes, which can increase the complexity of a shareholder’s tax reporting. Instead, the Fund is designed to be taxed as a conventional mutual fund and will issue a Form 1099 to its shareholders for tax reporting purposes. A consequence of the Fund’s tax status is that it generally is limited to obtaining its exposure to Team Performance Investments through the Subsidiary, which is defined and described below.

Instruments Currently Expected to Be Available

As of the date of this Prospectus, [Chicago Mercantile Exchange Inc. (the “CME”)] lists cash-settled futures contracts referencing the Reference Index. Those contracts are listed in [monthly (micro and institutional sizes), weekly (micro size only, NHL), and annual serial aligned to season end,] and settle in cash by reference to the level of the Reference Index.

The Reference Index is part of a family of rules-based reference benchmarks known as the CME FutureSports Performance Indexes (FSPI) and administered by FutureSports (the “Index Sponsor”) that measure cumulative NHL team performance over the course of each season by systematically aggregating officially reported league statistics—such as goals, shots, saves, hits, and takeaways—and applying predetermined multipliers to translate those statistics into a numerical index value. Each team’s index starts at a base level of 7,500 at the beginning of a season and moves up or down as positive constituents (e.g., goals scored, shutouts) add points and negative constituents (e.g., goals allowed, penalties) subtract points, updating in real time while games are being played, throughout the NHL regular season and postseason. The methodology is designed to be independent of binary win/loss outcomes, instead capturing the breadth of on-ice statistical performance, and it aligns with the IOSCO Principles for Financial Benchmarks. The indexes rely exclusively on official NHL data, are not investable assets themselves, and may be referenced by separate financial instruments or contracts.

The Fund does not track, license, or seek to replicate the Reference Index. The Reference Index is relevant to the Fund only because it is expected to determine the settlement value of certain of the instruments in which the Fund invests. Neither the Fund nor the Adviser is affiliated with, or licensed or sponsored by, the Index Sponsor, any exchange, the NHL, or the Anaheim Ducks hockey club.

Listed Futures Contracts

Futures contracts are agreements between two parties that are executed on a DCM and that are cleared and margined through a derivatives clearing organization (a “DCO”). In a cash-settled futures contract, one party agrees to pay, and the other to receive, at settlement, cash in an amount determined by reference to the value of the underlying reference measure at a specified time, and no physical delivery of any asset occurs. In market terminology, a party who purchases a futures contract is long in the market and a party who sells a futures contract is short in the market. The Fund intends to typically enter into Listed Futures Contracts as the “buyer.” Obligations under a futures contract may generally be satisfied by settlement in cash at expiration or by making an offsetting sale or purchase of an identical contract before the settlement date. The difference between the price at which a contract is purchased or sold and the price paid or received for the offsetting transaction, after allowance for brokerage commissions, constitutes the profit or loss to the trader.

Swap Agreements

The Fund may obtain exposure to Team Performance through Swap Agreements. Swap agreements are derivative contracts entered into primarily with major global financial institutions for a specified period. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of a reference asset or benchmark. The Fund’s Swap Agreements may reference Team Performance, a measure of Team Performance such as the Reference Index, or Listed Futures Contracts. Swap agreements may be negotiated bilaterally and traded over-the-counter or, for certain standardized swaps, executed on a swap execution facility and cleared through a DCO. Generally, any such Swap Agreement is expected to be subject to daily collateral and exposure adjustments. The Fund’s use of Swap Agreements is subject to the qualifying-income considerations described under “Dividends, Distributions, and Taxes.”

Roll Strategy and the Seasonal Reset

The Fund intends to exit its Listed Futures Contracts as they near expiration and replace them with contracts having a later expiration date. This process is referred to as “rolling.” Futures holdings will not be rolled on a predetermined schedule.

The Reference Index resets to its standardized base value of 7,500 prior to the start of each NHL season. As a result, contracts that settle after the reset reference a different index cycle than contracts that settle before the reset, and the relationship between the prices of such contracts reflects, among other things, expectations for the team’s performance in the upcoming season rather than a continuation of the prior season’s index level. [When the Fund rolls from a contract referencing one season into a contract referencing the following season, the Fund’s net asset value will not experience a discontinuity solely by reason of the reset; however, the Fund’s returns across seasons will reflect the pricing relationship between the expiring and newly purchased contracts rather than season-over-season changes in the level of the Reference Index, which is reinitialized to its base value at the start of each season and therefore does not itself provide season-over-season continuity.] [During the NHL off-season, the Reference Index continues to be published and is reset to the 7,500 base value on the calculation day falling 32 calendar days after the last game of the Stanley Cup Final. During the offseason, Team Performance Investments may exhibit limited price movement and reduced trading activity; the Fund will continue to hold Collateral Investments and, to the extent listed and available, Team Performance Investments referencing the following season, during such periods.]

At times, futures contracts with a longer term to expiration may be priced higher than contracts with a shorter term to expiration, a relationship called “contango.” When rolling contracts that are in contango, the Fund will close its long position by selling the shorter-term contract at a relatively lower price and buying a longer-dated contract at a relatively higher price. The presence of contango will adversely affect the performance of the Fund and could result in a negative yield for the Fund. Conversely, contracts with a longer term to expiration may be priced lower than contracts with a shorter term to expiration, a relationship called “backwardation.” When rolling long contracts that are in backwardation, the Fund will close its long position by selling the shorter-term contract at a relatively higher price and buying a longer-dated contract at a relatively lower price. The presence of backwardation may positively affect the performance of the Fund. The term structure of a futures market referencing a seasonally resetting performance measure has no operating history, and the prevalence of contango or backwardation cannot be predicted.

The Subsidiary

The Fund expects to invest in Team Performance Investments primarily indirectly through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to Team Performance Investments within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in certain futures contracts and other investments that do not generate qualifying income for tax purposes. The Subsidiary, which is also managed by the Adviser, has the same investment objective as the Fund, but it may invest in Team Performance Investments to a greater extent than the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Because the Fund intends to elect to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the size of the Fund’s investment in the Subsidiary generally will be limited to 25% of the Fund’s total assets, tested at the end of each fiscal quarter.

Position Limits and Exposure Management

The Adviser may determine to modify the extent of the Fund’s exposure to Team Performance in response to extreme market conditions, as determined in the sole discretion of the Adviser, and to avoid exceeding any position limits or position accountability levels applicable to Team Performance Investments established by a DCM or the CFTC. These limits may hinder the Fund’s ability to enter into the desired amount of Team Performance Investments at times. Because instruments referencing sports performance are newly developed with no trading history, the Fund may represent a significant portion of the open interest in such instruments, particularly during the Fund’s early operations, and applicable position limits or accountability levels may constrain the Fund’s ability to achieve its target exposure at asset levels materially lower than would be the case for an established futures market. Any determination to modify the Fund’s exposure may cause the Fund to liquidate holdings at disadvantageous times or prices, potentially subjecting the Fund to substantial losses, and prevent the Fund from achieving its investment objective.

Collateral Investments and Other Investments

The Fund will also invest in Collateral Investments. The Collateral Investments may consist of: (i) U.S. Government securities, such as bills, notes, and bonds issued by the U.S. Treasury; (ii) money market funds; and/or (iii) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or determined by the Adviser to be of comparable quality. Such Collateral Investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund’s Team Performance Investments.

In order to help the Fund maintain its desired level of exposure to Team Performance, maintain its tax status as a RIC on days in and around quarter-end, help the Fund maintain its desired exposure when it is approaching or has exceeded position limits or accountability levels, or because of liquidity or other constraints, the Fund may also invest in reverse repurchase agreement transactions and, to the extent they are developed, exchange-traded products providing exposure to Team Performance (together, “Other Investments”).

The Fund may, but is not required to, take defensive actions to limit losses or prevent the Fund’s NAV from going to or below zero during periods of extreme volatility. Such defensive actions may include entering into offsetting positions or otherwise hedging the Fund’s exposure to Team Performance through the use of derivatives, including exchange-traded or over-the-counter (“OTC”) swaps, options or swaptions contracts, or investing a greater portion of the Fund’s assets in non-Team Performance Investments, such as cash and cash equivalents. However, because the Fund employs leverage and may be subject to unscheduled rebalancing, these measures may magnify losses or cause the Fund to realize losses already incurred. Taking defensive actions will also cause the Fund’s performance to deviate from the target multiple of the daily return of the Reference Index and as a result, may cause the Fund to not achieve its investment objective. In addition, such defensive positioning may not prevent substantial or total loss of value. The Fund may engage in defensive investing for brief or extended periods depending on market conditions and other factors considered by the Adviser.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund will not concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. The Fund, however, will invest more than 25% of its total assets in investments that provide exposure to Team Performance.

Principal Investment Risks

The value of an investment in the Fund could decline significantly and without warning, including to $0. You should be prepared for the possibility of losing your entire investment. The performance of Team Performance Investments, and therefore the performance of the Fund, may differ significantly from the performance of the Reference Index.

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and/or ability to meet its investment objective.

As with any investment, there is a risk that you could lose all or a portion of your money invested in the Fund. The Fund may not achieve its investment objective or achieve its targeted exposure to the return of the Reference Index. The Fund presents risks not traditionally associated with other mutual funds and ETFs. For example, due to the Fund’s daily leveraged investment strategy, a small adverse move in the Reference Index level will result in larger and potentially substantial declines in the Fund. The following risks could affect the value of your investment in the Fund:

The Fund may have difficulty effectuating its daily leveraged investment strategy 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, illiquidity, or high volatility in the markets for the securities or financial instruments in which the Fund invests. 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 Reference Index. These factors could decrease the correlation between the performance of the Fund and the Reference Index and may hinder the Fund’s ability to effectuate its daily leveraged investment strategy on or around that day.

Options are often used to manage or hedge risk because they enable an investor to buy or sell an asset in the future at an agreed-upon price. Options used by the Fund to reduce volatility may not perform as intended and may not fully protect the Fund against declines in the value of its portfolio investments. Options also are used for other reasons, such as to manage exposure to changes in interest rates and bond prices; as an efficient means of adjusting overall exposure to certain markets; in an effort to enhance income; to protect the value of portfolio securities or other instruments; and to adjust portfolio duration.

Options are subject to correlation risk. The writing and purchasing of options are highly specialized activities as the successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or its Adviser, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to liquidity risk. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, the Fund is exposed to the risk that buying and selling put and call options can be more speculative than investing directly in securities.

Purchasing put options may result in the Fund’s loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund’s ability to mitigate losses in the event of a market decline will be reduced.

The effect of compounding becomes more pronounced as Reference Index volatility and the holding period increase. 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 Reference Index during shareholder’s holding period.

The chart below provides examples of how Reference Index volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance: Reference Index volatility and Reference Index return. Reference Index returns show the percentage change in the value of the Reference Index over the specified time period, while Reference Index volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Reference Index return over two equal time periods is identical, different Reference Index volatility (i.e., fluctuations in the rates of return) during the two time periods could result in drastically different Fund performance for the two time periods due to the effects of compounding daily returns during the time periods.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Reference Index volatility; b) Reference Index performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart below illustrates the impact of two principal factors – Reference Index volatility and Reference Index performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Reference Index volatility and Reference Index performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities included in the Reference Index; (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. The illustrations also assume the Fund maintains exposure equal to 200% of its net assets at all times; to the extent the Fund’s actual exposure is lower, the effects illustrated would be correspondingly reduced. Particularly during periods of higher Reference Index volatility, compounding will cause results for periods longer than a trading day to vary from two times (2x) the performance of the Reference Index.

As shown in the chart below, the Fund would be expected to lose 6.1% if the Reference Index provided no return over a one year period during which the Reference Index 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 Reference Index’s return is flat. For instance, if the Reference Index’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index 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 two times (2x) the performance of the Reference Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (2x) the performance of the Reference Index. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Index Correlation/Tracking Risk” above.

For information regarding the effects of volatility and Reference Index performance on the long-term performance of the Fund, see “Additional Information About the Funds’ Investment Strategies” in the Fund’s statutory prospectus, and “Special Note Regarding the Correlation Risks of the Fund” in the Fund’s Statement of Additional Information.

If there is a significant intra-day market event, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses.

Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee on creation unit transactions, change its investment objective, reduce its leverage or close.

The CFTC has recently proposed amendments to its rules concerning event contracts, commonly referred to as prediction markets, to specify which contracts may be determined contrary to the public interest and therefore may not be listed for trading or accepted for clearing on or through a CFTC-regulated entity. The CFTC or the listing exchange could, at any time and without advance notice, impose new conditions, margin or position-limit requirements, reporting obligations, trading halts, settlement adjustments, or delisting actions. Any such changes could, among other things; (i) impair the Fund’s ability to establish, maintain, or close positions; (ii) require the Fund to liquidate positions at disadvantageous prices; (iii) alter the economic characteristics on which the Fund relies; or (iv) render the Fund’s principal investment strategy impractical. In addition, future legislative, judicial, or administrative developments could retroactively affect the permissibility, settlement mechanics, or availability of Listed Futures Contracts. These developments may occur abruptly and may not provide mechanisms for investor recourse or for the orderly unwind of positions. There can be no assurance that the regulatory environment for sports-linked financial instruments will remain stable or favorable.

Although the underlying index will be static during this period, the prices of Listed Futures Contracts may still fluctuate based on market expectations regarding the team’s prospects for the upcoming season, including coaching changes, player trades, draft picks, free agent signings, injury recovery timelines, training camp developments, and other factors that affect the market’s assessment of the team’s likely statistical performance. However, because the index itself is not moving during the offseason, the magnitude of futures price movements may be reduced relative to the playing season, and the relationship between futures prices and the underlying index level may be less predictable. There can be no assurance that the Fund’s offseason futures holdings will appreciate in value, and the Fund may experience losses during the offseason if market sentiment regarding the team’s upcoming season deteriorates. In addition, there can be no assurance that Listed Futures Contracts will be available in sufficient volume or at favorable pricing during the offseason or at the start of a new season.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Board may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

In addition, the tax treatment of futures contracts referencing sports performance indexes is uncertain in certain respects, and the IRS could take positions — including as to the character or source of income from such contracts — that differ from the treatment expected by the Fund, which could adversely affect the Fund’s ability to qualify as a RIC or the taxation of shareholders.

Performance

Performance information for the Fund is not provided because the Fund had not commenced operations prior to the date of this Prospectus. When performance information is available, it will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Updated performance information will be available on the Fund’s website at www.leagueshares.com or by calling the Fund toll-free at [●].

Management

Investment Adviser: LeagueShares Advisors, LLC

Portfolio Managers: [●] are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio. Each has served as a portfolio manager of the Fund since its inception in [●] 2026.

Purchase and Sale of Shares

The Fund issues and redeems Shares at NAV only in large blocks of 10,000 Shares known as “Creation Units,” which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a designated amount of cash and/or a portfolio of securities and/or other instruments. Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the “bid” price) and the lowest price a seller is willing to accept for Shares (the “ask” price) when buying or selling Shares in the secondary market. Recent information regarding the Fund’s NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund’s website at [www.leagueshares.com].

Tax Information

The Fund’s distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an individual retirement account (“IRA”) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information.

LEAGUESHARES LEVERAGED BOSTON BRUINS^® ETF – FUND SUMMARY

Important Information About the Fund

The investment objective of the LeagueShares Leveraged Boston Bruins^® ETF (the “Fund”) is total return. The Fund intends to achieve its investment objective primarily by seeking daily investment results, before fees and expenses, that target up to two times (2x) the daily return of the CME FSPI NHL Boston Bruins Index (the “Reference Index”) for a single day, not for any other period. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. Eastern Time. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Reference Index for the same period. For periods longer than a single day, the Fund will lose money if the Reference Index’s performance is flat, and it is possible that the Fund will lose money even if the level of the Reference Index rises. Longer holding periods, higher Reference Index volatility, and greater leveraged exposure each exacerbate the impact of compounding on an investor’s returns. During periods of higher Reference Index volatility, the volatility of the Reference Index may affect the Fund’s return as much as or more than the return of the Reference Index.

The Fund does not intend to seek daily exposure to the Reference Index in excess of 200% of the Fund’s net assets; however, the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets, and potentially significantly less than 200%. The Fund’s exposure to the return of the Reference Index on a given day is at the sole discretion of the Fund’s investment adviser.

The Fund presents different risks than other types of funds. The Fund uses leverage and is riskier than similarly benchmarked funds that do not use leverage. The Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (up to 2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full principal value of their investment within a single day.

Investment Objective

The LeagueShares Leveraged Boston Bruins^® ETF (the “Fund”) seeks total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that 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.

(1) Estimated for the Fund’s initial fiscal year.

(2) LeagueShares Advisors, LLC (the “Adviser”), the Fund’s investment adviser, also serves as the investment adviser to the Subsidiary (defined below), and provides the Subsidiary with the same type of management services, under essentially the same terms, as it provides the Fund. The Adviser has agreed to waive the management fee of [  ]% to be paid by the Subsidiary. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and at least through [  ], 2027. This waiver may be terminated only with the approval of the Subsidiary’s Board of Directors.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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 Shares are held in a taxable account. These costs, which are not reflected in the Total 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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by providing investors with daily leveraged (up to approximately 2x) exposure to the CME FSPI NHL Boston Bruins Index (the “Reference Index”), which is a measure of the on-ice competitive performance of the Boston Bruins, a professional hockey franchise and member club of the National Hockey League (the “NHL”) (such performance, “Team Performance”).

The Fund seeks to achieve its investment objective primarily by investing in: (i) futures contracts that provide exposure to the Reference Index or other indexes measuring Team Performance and that trade on an exchange registered with the Commodity Futures Trading Commission (“CFTC”) as a designated contract market (a “DCM”) (such contracts, “Listed Futures Contracts”); (ii) swap agreements and other derivative instruments that provide exposure to the Reference Index or other indexes measuring Team Performance (“Swap Agreements,” and together with Listed Futures Contracts, “Team Performance Investments”); and (iii) cash, cash equivalents, or high-quality securities that serve as collateral for the Fund’s Team Performance Investments (“Collateral Investments”). Listed Futures Contracts are expected to be cash settled; neither the Fund nor any counterparty is expected to make or take delivery of any underlying asset.

The Fund is not limited to the instruments of any particular exchange, sponsor, or reference measure. The Fund may invest in Listed Futures Contracts of any expiration date traded on any DCM. As the market for instruments referencing sports performance develops, additional contracts may be listed by other exchanges, and additional sponsors may develop competing measures of Team Performance. The Fund may invest in any such instruments that the Adviser determines provide appropriate exposure to Team Performance, and the Fund’s investments may shift among instruments, exchanges, or reference measures over time. The Adviser may consider the following factors, among others, in selecting among available instruments: liquidity and depth of market; transaction, clearing, and financing costs; margin requirements; contract terms and settlement mechanics; position limits and position accountability levels; the creditworthiness and operational capabilities of the Fund’s futures commission merchants (“FCMs”), clearing organizations, and swap counterparties; and prevailing market conditions.

The Fund is actively managed and does not seek to track or replicate the performance of any index over any period. The Fund’s exposure to the Reference Index on a given day is at the sole discretion of the Adviser. The Fund seeks daily exposure to the Reference Index of up to 200% of the Fund’s net assets (approximately two times, or 2x), and does not intend to exceed that level; the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets. To maintain approximately 2x exposure, the Fund expects to rebalance its Team Performance Investments daily — increasing exposure following days on which the value of its positions rises and reducing exposure following days on which it falls — so that leverage applies to each day’s starting net assets rather than to a shareholder’s original investment. Because of daily rebalancing and compounding, the Fund’s return over any period longer than a single day will very likely differ, in amount and possibly in direction, from two times the change in level of the Reference Index over that period.

The Fund may not be able to obtain the desired level of exposure to the Reference Index. The amount of exposure the Fund is able to obtain depends on the following factors, among others: the availability, listing status, and liquidity of Team Performance Investments; position limits or position accountability levels established by a DCM or the CFTC; regulatory limits on leverage risk; volatility in, or a disruption to, the market for Team Performance Investments; the willingness of counterparties to enter into Swap Agreements referencing the Reference Index; and margin or other requirements imposed by the Fund’s FCMs, a DCM, the CFTC, or other regulators. Because instruments referencing sports performance are newly developed and have no trading history, these constraints may be more significant for the Fund than for a fund investing in an established futures market. There can be no assurance that the Fund will be able to achieve or maintain its target exposure.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Team Performance Investments and other investments that provide exposure to Team Performance or have economic characteristics that are substantially similar to such exposure. For purposes of compliance with this investment policy, derivative contracts (i.e., swap agreements and futures contracts) will be valued at their notional value.

The Boston Bruins are a professional ice hockey team competing in the NHL, based in Boston, Massachusetts, and playing home games at TD Garden. Founded in 1924, the franchise has won six Stanley Cup championships, most recently in 2011. The Boston Bruins finished the 2025–26 season with a 45-27-10 record (100 points), placing fourth in the Atlantic Division and qualifying for the Stanley Cup Playoffs, where the team was eliminated in the First Round. The NHL season generally runs from October through April, with postseason play continuing through June. The team’s statistical performance data used by the Reference Index is produced and published by the NHL as official league statistics. The Reference Index is published under the symbol NHLBOS and closed the 2025–26 season at approximately 7,610, or approximately 1% above the base value.

An investment in the Fund is not an investment in the Boston Bruins, the NHL, or FutureSports, and does not convey any ownership, revenue participation, ticket, licensing, or other rights with respect to any of them. Shareholders have no recourse against the team, the league, or the Index Sponsor for actions that adversely affect the Reference Index or the Fund.

Unlike many other futures-based exchange-traded products, the Fund will not issue its shareholders a Schedule K-1 for tax reporting purposes, which can increase the complexity of a shareholder’s tax reporting. Instead, the Fund is designed to be taxed as a conventional mutual fund and will issue a Form 1099 to its shareholders for tax reporting purposes. A consequence of the Fund’s tax status is that it generally is limited to obtaining its exposure to Team Performance Investments through the Subsidiary, which is defined and described below.

Instruments Currently Expected to Be Available

As of the date of this Prospectus, [Chicago Mercantile Exchange Inc. (the “CME”)] lists cash-settled futures contracts referencing the Reference Index. Those contracts are listed in [monthly (micro and institutional sizes), weekly (micro size only, NHL), and annual serial aligned to season end,] and settle in cash by reference to the level of the Reference Index.

The Reference Index is part of a family of rules-based reference benchmarks known as the CME FutureSports Performance Indexes (FSPI) and administered by FutureSports (the “Index Sponsor”) that measure cumulative NHL team performance over the course of each season by systematically aggregating officially reported league statistics—such as goals, shots, saves, hits, and takeaways—and applying predetermined multipliers to translate those statistics into a numerical index value. Each team’s index starts at a base level of 7,500 at the beginning of a season and moves up or down as positive constituents (e.g., goals scored, shutouts) add points and negative constituents (e.g., goals allowed, penalties) subtract points, updating in real time while games are being played, throughout the NHL regular season and postseason. The methodology is designed to be independent of binary win/loss outcomes, instead capturing the breadth of on-ice statistical performance, and it aligns with the IOSCO Principles for Financial Benchmarks. The indexes rely exclusively on official NHL data, are not investable assets themselves, and may be referenced by separate financial instruments or contracts.

The Fund does not track, license, or seek to replicate the Reference Index. The Reference Index is relevant to the Fund only because it is expected to determine the settlement value of certain of the instruments in which the Fund invests. Neither the Fund nor the Adviser is affiliated with, or licensed or sponsored by, the Index Sponsor, any exchange, the NHL, or the Boston Bruins hockey club.

Listed Futures Contracts

Futures contracts are agreements between two parties that are executed on a DCM and that are cleared and margined through a derivatives clearing organization (a “DCO”). In a cash-settled futures contract, one party agrees to pay, and the other to receive, at settlement, cash in an amount determined by reference to the value of the underlying reference measure at a specified time, and no physical delivery of any asset occurs. In market terminology, a party who purchases a futures contract is long in the market and a party who sells a futures contract is short in the market. The Fund intends to typically enter into Listed Futures Contracts as the “buyer.” Obligations under a futures contract may generally be satisfied by settlement in cash at expiration or by making an offsetting sale or purchase of an identical contract before the settlement date. The difference between the price at which a contract is purchased or sold and the price paid or received for the offsetting transaction, after allowance for brokerage commissions, constitutes the profit or loss to the trader.

Swap Agreements

The Fund may obtain exposure to Team Performance through Swap Agreements. Swap agreements are derivative contracts entered into primarily with major global financial institutions for a specified period. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of a reference asset or benchmark. The Fund’s Swap Agreements may reference Team Performance, a measure of Team Performance such as the Reference Index, or Listed Futures Contracts. Swap agreements may be negotiated bilaterally and traded over-the-counter or, for certain standardized swaps, executed on a swap execution facility and cleared through a DCO. Generally, any such Swap Agreement is expected to be subject to daily collateral and exposure adjustments. The Fund’s use of Swap Agreements is subject to the qualifying-income considerations described under “Dividends, Distributions, and Taxes.”

Roll Strategy and the Seasonal Reset

The Fund intends to exit its Listed Futures Contracts as they near expiration and replace them with contracts having a later expiration date. This process is referred to as “rolling.” Futures holdings will not be rolled on a predetermined schedule.

The Reference Index resets to its standardized base value of 7,500 prior to the start of each NHL season. As a result, contracts that settle after the reset reference a different index cycle than contracts that settle before the reset, and the relationship between the prices of such contracts reflects, among other things, expectations for the team’s performance in the upcoming season rather than a continuation of the prior season’s index level. [When the Fund rolls from a contract referencing one season into a contract referencing the following season, the Fund’s net asset value will not experience a discontinuity solely by reason of the reset; however, the Fund’s returns across seasons will reflect the pricing relationship between the expiring and newly purchased contracts rather than season-over-season changes in the level of the Reference Index, which is reinitialized to its base value at the start of each season and therefore does not itself provide season-over-season continuity.] [During the NHL off-season, the Reference Index continues to be published and is reset to the 7,500 base value on the calculation day falling 32 calendar days after the last game of the Stanley Cup Final. During the offseason, Team Performance Investments may exhibit limited price movement and reduced trading activity; the Fund will continue to hold Collateral Investments and, to the extent listed and available, Team Performance Investments referencing the following season, during such periods.]

At times, futures contracts with a longer term to expiration may be priced higher than contracts with a shorter term to expiration, a relationship called “contango.” When rolling contracts that are in contango, the Fund will close its long position by selling the shorter-term contract at a relatively lower price and buying a longer-dated contract at a relatively higher price. The presence of contango will adversely affect the performance of the Fund and could result in a negative yield for the Fund. Conversely, contracts with a longer term to expiration may be priced lower than contracts with a shorter term to expiration, a relationship called “backwardation.” When rolling long contracts that are in backwardation, the Fund will close its long position by selling the shorter-term contract at a relatively higher price and buying a longer-dated contract at a relatively lower price. The presence of backwardation may positively affect the performance of the Fund. The term structure of a futures market referencing a seasonally resetting performance measure has no operating history, and the prevalence of contango or backwardation cannot be predicted.

The Subsidiary

The Fund expects to invest in Team Performance Investments primarily indirectly through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to Team Performance Investments within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in certain futures contracts and other investments that do not generate qualifying income for tax purposes. The Subsidiary, which is also managed by the Adviser, has the same investment objective as the Fund, but it may invest in Team Performance Investments to a greater extent than the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Because the Fund intends to elect to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the size of the Fund’s investment in the Subsidiary generally will be limited to 25% of the Fund’s total assets, tested at the end of each fiscal quarter.

Position Limits and Exposure Management

The Adviser may determine to modify the extent of the Fund’s exposure to Team Performance in response to extreme market conditions, as determined in the sole discretion of the Adviser, and to avoid exceeding any position limits or position accountability levels applicable to Team Performance Investments established by a DCM or the CFTC. These limits may hinder the Fund’s ability to enter into the desired amount of Team Performance Investments at times. Because instruments referencing sports performance are newly developed with no trading history, the Fund may represent a significant portion of the open interest in such instruments, particularly during the Fund’s early operations, and applicable position limits or accountability levels may constrain the Fund’s ability to achieve its target exposure at asset levels materially lower than would be the case for an established futures market. Any determination to modify the Fund’s exposure may cause the Fund to liquidate holdings at disadvantageous times or prices, potentially subjecting the Fund to substantial losses, and prevent the Fund from achieving its investment objective.

Collateral Investments and Other Investments

The Fund will also invest in Collateral Investments. The Collateral Investments may consist of: (i) U.S. Government securities, such as bills, notes, and bonds issued by the U.S. Treasury; (ii) money market funds; and/or (iii) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or determined by the Adviser to be of comparable quality. Such Collateral Investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund’s Team Performance Investments.

In order to help the Fund maintain its desired level of exposure to Team Performance, maintain its tax status as a RIC on days in and around quarter-end, help the Fund maintain its desired exposure when it is approaching or has exceeded position limits or accountability levels, or because of liquidity or other constraints, the Fund may also invest in reverse repurchase agreement transactions and, to the extent they are developed, exchange-traded products providing exposure to Team Performance (together, “Other Investments”).

The Fund may, but is not required to, take defensive actions to limit losses or prevent the Fund’s NAV from going to or below zero during periods of extreme volatility. Such defensive actions may include entering into offsetting positions or otherwise hedging the Fund’s exposure to Team Performance through the use of derivatives, including exchange-traded or over-the-counter (“OTC”) swaps, options or swaptions contracts, or investing a greater portion of the Fund’s assets in non-Team Performance Investments, such as cash and cash equivalents. However, because the Fund employs leverage and may be subject to unscheduled rebalancing, these measures may magnify losses or cause the Fund to realize losses already incurred. Taking defensive actions will also cause the Fund’s performance to deviate from the target multiple of the daily return of the Reference Index and as a result, may cause the Fund to not achieve its investment objective. In addition, such defensive positioning may not prevent substantial or total loss of value. The Fund may engage in defensive investing for brief or extended periods depending on market conditions and other factors considered by the Adviser.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund will not concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. The Fund, however, will invest more than 25% of its total assets in investments that provide exposure to Team Performance.

Principal Investment Risks

The value of an investment in the Fund could decline significantly and without warning, including to $0. You should be prepared for the possibility of losing your entire investment. The performance of Team Performance Investments, and therefore the performance of the Fund, may differ significantly from the performance of the Reference Index.

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and/or ability to meet its investment objective.

As with any investment, there is a risk that you could lose all or a portion of your money invested in the Fund. The Fund may not achieve its investment objective or achieve its targeted exposure to the return of the Reference Index. The Fund presents risks not traditionally associated with other mutual funds and ETFs. For example, due to the Fund’s daily leveraged investment strategy, a small adverse move in the Reference Index level will result in larger and potentially substantial declines in the Fund. The following risks could affect the value of your investment in the Fund:

The Fund may have difficulty effectuating its daily leveraged investment strategy 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, illiquidity, or high volatility in the markets for the securities or financial instruments in which the Fund invests. 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 Reference Index. These factors could decrease the correlation between the performance of the Fund and the Reference Index and may hinder the Fund’s ability to effectuate its daily leveraged investment strategy on or around that day.

Options are often used to manage or hedge risk because they enable an investor to buy or sell an asset in the future at an agreed-upon price. Options used by the Fund to reduce volatility may not perform as intended and may not fully protect the Fund against declines in the value of its portfolio investments. Options also are used for other reasons, such as to manage exposure to changes in interest rates and bond prices; as an efficient means of adjusting overall exposure to certain markets; in an effort to enhance income; to protect the value of portfolio securities or other instruments; and to adjust portfolio duration.

Options are subject to correlation risk. The writing and purchasing of options are highly specialized activities as the successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or its Adviser, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to liquidity risk. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, the Fund is exposed to the risk that buying and selling put and call options can be more speculative than investing directly in securities.

Purchasing put options may result in the Fund’s loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund’s ability to mitigate losses in the event of a market decline will be reduced.

The effect of compounding becomes more pronounced as Reference Index volatility and the holding period increase. 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 Reference Index during shareholder’s holding period.

The chart below provides examples of how Reference Index volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance: Reference Index volatility and Reference Index return. Reference Index returns show the percentage change in the value of the Reference Index over the specified time period, while Reference Index volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Reference Index return over two equal time periods is identical, different Reference Index volatility (i.e., fluctuations in the rates of return) during the two time periods could result in drastically different Fund performance for the two time periods due to the effects of compounding daily returns during the time periods.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Reference Index volatility; b) Reference Index performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart below illustrates the impact of two principal factors – Reference Index volatility and Reference Index performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Reference Index volatility and Reference Index performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities included in the Reference Index; (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. The illustrations also assume the Fund maintains exposure equal to 200% of its net assets at all times; to the extent the Fund’s actual exposure is lower, the effects illustrated would be correspondingly reduced. Particularly during periods of higher Reference Index volatility, compounding will cause results for periods longer than a trading day to vary from two times (2x) the performance of the Reference Index.

As shown in the chart below, the Fund would be expected to lose 6.1% if the Reference Index provided no return over a one year period during which the Reference Index 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 Reference Index’s return is flat. For instance, if the Reference Index’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index 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 two times (2x) the performance of the Reference Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (2x) the performance of the Reference Index. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Index Correlation/Tracking Risk” above.

For information regarding the effects of volatility and Reference Index performance on the long-term performance of the Fund, see “Additional Information About the Funds’ Investment Strategies” in the Fund’s statutory prospectus, and “Special Note Regarding the Correlation Risks of the Fund” in the Fund’s Statement of Additional Information.

If there is a significant intra-day market event, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses.

Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee on creation unit transactions, change its investment objective, reduce its leverage or close.

The CFTC has recently proposed amendments to its rules concerning event contracts, commonly referred to as prediction markets, to specify which contracts may be determined contrary to the public interest and therefore may not be listed for trading or accepted for clearing on or through a CFTC-regulated entity. The CFTC or the listing exchange could, at any time and without advance notice, impose new conditions, margin or position-limit requirements, reporting obligations, trading halts, settlement adjustments, or delisting actions. Any such changes could, among other things; (i) impair the Fund’s ability to establish, maintain, or close positions; (ii) require the Fund to liquidate positions at disadvantageous prices; (iii) alter the economic characteristics on which the Fund relies; or (iv) render the Fund’s principal investment strategy impractical. In addition, future legislative, judicial, or administrative developments could retroactively affect the permissibility, settlement mechanics, or availability of Listed Futures Contracts. These developments may occur abruptly and may not provide mechanisms for investor recourse or for the orderly unwind of positions. There can be no assurance that the regulatory environment for sports-linked financial instruments will remain stable or favorable.

Although the underlying index will be static during this period, the prices of Listed Futures Contracts may still fluctuate based on market expectations regarding the team’s prospects for the upcoming season, including coaching changes, player trades, draft picks, free agent signings, injury recovery timelines, training camp developments, and other factors that affect the market’s assessment of the team’s likely statistical performance. However, because the index itself is not moving during the offseason, the magnitude of futures price movements may be reduced relative to the playing season, and the relationship between futures prices and the underlying index level may be less predictable. There can be no assurance that the Fund’s offseason futures holdings will appreciate in value, and the Fund may experience losses during the offseason if market sentiment regarding the team’s upcoming season deteriorates. In addition, there can be no assurance that Listed Futures Contracts will be available in sufficient volume or at favorable pricing during the offseason or at the start of a new season.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Board may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

In addition, the tax treatment of futures contracts referencing sports performance indexes is uncertain in certain respects, and the IRS could take positions — including as to the character or source of income from such contracts — that differ from the treatment expected by the Fund, which could adversely affect the Fund’s ability to qualify as a RIC or the taxation of shareholders.

Performance

Performance information for the Fund is not provided because the Fund had not commenced operations prior to the date of this Prospectus. When performance information is available, it will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Updated performance information will be available on the Fund’s website at www.leagueshares.com or by calling the Fund toll-free at [●].

Management

Investment Adviser: LeagueShares Advisors, LLC

Portfolio Managers: [●] are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio. Each has served as a portfolio manager of the Fund since its inception in [●] 2026.

Purchase and Sale of Shares

The Fund issues and redeems Shares at NAV only in large blocks of 10,000 Shares known as “Creation Units,” which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a designated amount of cash and/or a portfolio of securities and/or other instruments. Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the “bid” price) and the lowest price a seller is willing to accept for Shares (the “ask” price) when buying or selling Shares in the secondary market. Recent information regarding the Fund’s NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund’s website at [www.leagueshares.com].

Tax Information

The Fund’s distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an individual retirement account (“IRA”) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information.

LEAGUESHARES LEVERAGED BUFFALO SABRES^® ETF – FUND SUMMARY

Important Information About the Fund

The investment objective of the LeagueShares Leveraged Buffalo Sabres^® ETF (the “Fund”) is total return. The Fund intends to achieve its investment objective primarily by seeking daily investment results, before fees and expenses, that target up to two times (2x) the daily return of the CME FSPI NHL Buffalo Sabres Index (the “Reference Index”) for a single day, not for any other period. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. Eastern Time. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Reference Index for the same period. For periods longer than a single day, the Fund will lose money if the Reference Index’s performance is flat, and it is possible that the Fund will lose money even if the level of the Reference Index rises. Longer holding periods, higher Reference Index volatility, and greater leveraged exposure each exacerbate the impact of compounding on an investor’s returns. During periods of higher Reference Index volatility, the volatility of the Reference Index may affect the Fund’s return as much as or more than the return of the Reference Index.

The Fund does not intend to seek daily exposure to the Reference Index in excess of 200% of the Fund’s net assets; however, the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets, and potentially significantly less than 200%. The Fund’s exposure to the return of the Reference Index on a given day is at the sole discretion of the Fund’s investment adviser.

The Fund presents different risks than other types of funds. The Fund uses leverage and is riskier than similarly benchmarked funds that do not use leverage. The Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (up to 2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full principal value of their investment within a single day.

Investment Objective

The LeagueShares Leveraged Buffalo Sabres^® ETF (the “Fund”) seeks total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that 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.

(1) Estimated for the Fund’s initial fiscal year.

(2) LeagueShares Advisors, LLC (the “Adviser”), the Fund’s investment adviser, also serves as the investment adviser to the Subsidiary (defined below), and provides the Subsidiary with the same type of management services, under essentially the same terms, as it provides the Fund. The Adviser has agreed to waive the management fee of [ ]% to be paid by the Subsidiary. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and at least through [ ], 2027. This waiver may be terminated only with the approval of the Subsidiary’s Board of Directors.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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 Shares are held in a taxable account. These costs, which are not reflected in the Total 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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by providing investors with daily leveraged (up to approximately 2x) exposure to the CME FSPI NHL Buffalo Sabres Index (the “Reference Index”), which is a measure of the on-ice competitive performance of the Buffalo Sabres, a professional hockey franchise and member club of the National Hockey League (the “NHL”) (such performance, “Team Performance”).

The Fund seeks to achieve its investment objective primarily by investing in: (i) futures contracts that provide exposure to the Reference Index or other indexes measuring Team Performance and that trade on an exchange registered with the Commodity Futures Trading Commission (“CFTC”) as a designated contract market (a “DCM”) (such contracts, “Listed Futures Contracts”); (ii) swap agreements and other derivative instruments that provide exposure to the Reference Index or other indexes measuring Team Performance (“Swap Agreements,” and together with Listed Futures Contracts, “Team Performance Investments”); and (iii) cash, cash equivalents, or high-quality securities that serve as collateral for the Fund’s Team Performance Investments (“Collateral Investments”). Listed Futures Contracts are expected to be cash settled; neither the Fund nor any counterparty is expected to make or take delivery of any underlying asset.

The Fund is not limited to the instruments of any particular exchange, sponsor, or reference measure. The Fund may invest in Listed Futures Contracts of any expiration date traded on any DCM. As the market for instruments referencing sports performance develops, additional contracts may be listed by other exchanges, and additional sponsors may develop competing measures of Team Performance. The Fund may invest in any such instruments that the Adviser determines provide appropriate exposure to Team Performance, and the Fund’s investments may shift among instruments, exchanges, or reference measures over time. The Adviser may consider the following factors, among others, in selecting among available instruments: liquidity and depth of market; transaction, clearing, and financing costs; margin requirements; contract terms and settlement mechanics; position limits and position accountability levels; the creditworthiness and operational capabilities of the Fund’s futures commission merchants (“FCMs”), clearing organizations, and swap counterparties; and prevailing market conditions.

The Fund is actively managed and does not seek to track or replicate the performance of any index over any period. The Fund’s exposure to the Reference Index on a given day is at the sole discretion of the Adviser. The Fund seeks daily exposure to the Reference Index of up to 200% of the Fund’s net assets (approximately two times, or 2x), and does not intend to exceed that level; the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets. To maintain approximately 2x exposure, the Fund expects to rebalance its Team Performance Investments daily — increasing exposure following days on which the value of its positions rises and reducing exposure following days on which it falls — so that leverage applies to each day’s starting net assets rather than to a shareholder’s original investment. Because of daily rebalancing and compounding, the Fund’s return over any period longer than a single day will very likely differ, in amount and possibly in direction, from two times the change in level of the Reference Index over that period.

The Fund may not be able to obtain the desired level of exposure to the Reference Index. The amount of exposure the Fund is able to obtain depends on the following factors, among others: the availability, listing status, and liquidity of Team Performance Investments; position limits or position accountability levels established by a DCM or the CFTC; regulatory limits on leverage risk; volatility in, or a disruption to, the market for Team Performance Investments; the willingness of counterparties to enter into Swap Agreements referencing the Reference Index; and margin or other requirements imposed by the Fund’s FCMs, a DCM, the CFTC, or other regulators. Because instruments referencing sports performance are newly developed and have no trading history, these constraints may be more significant for the Fund than for a fund investing in an established futures market. There can be no assurance that the Fund will be able to achieve or maintain its target exposure.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Team Performance Investments and other investments that provide exposure to Team Performance or have economic characteristics that are substantially similar to such exposure. For purposes of compliance with this investment policy, derivative contracts (i.e., swap agreements and futures contracts) will be valued at their notional value.

The Buffalo Sabres are a professional ice hockey team competing in the NHL, based in Buffalo, New York, and playing home games at KeyBank Center. Founded in 1970. The Buffalo Sabres finished the 2025–26 season with a 50-23-9 record (109 points), placing first in the Atlantic Division and qualifying for the Stanley Cup Playoffs, where the team was eliminated in the Second Round. The NHL season generally runs from October through April, with postseason play continuing through June. The team’s statistical performance data used by the Reference Index is produced and published by the NHL as official league statistics. The Reference Index is published under the symbol NHLBUF and closed the 2025–26 season at approximately 8,294, or approximately 11% above the base value.

An investment in the Fund is not an investment in the Buffalo Sabres, the NHL, or FutureSports, and does not convey any ownership, revenue participation, ticket, licensing, or other rights with respect to any of them. Shareholders have no recourse against the team, the league, or the Index Sponsor for actions that adversely affect the Reference Index or the Fund.

Unlike many other futures-based exchange-traded products, the Fund will not issue its shareholders a Schedule K-1 for tax reporting purposes, which can increase the complexity of a shareholder’s tax reporting. Instead, the Fund is designed to be taxed as a conventional mutual fund and will issue a Form 1099 to its shareholders for tax reporting purposes. A consequence of the Fund’s tax status is that it generally is limited to obtaining its exposure to Team Performance Investments through the Subsidiary, which is defined and described below.

Instruments Currently Expected to Be Available

As of the date of this Prospectus, [Chicago Mercantile Exchange Inc. (the “CME”)] lists cash-settled futures contracts referencing the Reference Index. Those contracts are listed in [monthly (micro and institutional sizes), weekly (micro size only, NHL), and annual serial aligned to season end,] and settle in cash by reference to the level of the Reference Index.

The Reference Index is part of a family of rules-based reference benchmarks known as the CME FutureSports Performance Indexes (FSPI) and administered by FutureSports (the “Index Sponsor”) that measure cumulative NHL team performance over the course of each season by systematically aggregating officially reported league statistics—such as goals, shots, saves, hits, and takeaways—and applying predetermined multipliers to translate those statistics into a numerical index value. Each team’s index starts at a base level of 7,500 at the beginning of a season and moves up or down as positive constituents (e.g., goals scored, shutouts) add points and negative constituents (e.g., goals allowed, penalties) subtract points, updating in real time while games are being played, throughout the NHL regular season and postseason. The methodology is designed to be independent of binary win/loss outcomes, instead capturing the breadth of on-ice statistical performance, and it aligns with the IOSCO Principles for Financial Benchmarks. The indexes rely exclusively on official NHL data, are not investable assets themselves, and may be referenced by separate financial instruments or contracts.

The Fund does not track, license, or seek to replicate the Reference Index. The Reference Index is relevant to the Fund only because it is expected to determine the settlement value of certain of the instruments in which the Fund invests. Neither the Fund nor the Adviser is affiliated with, or licensed or sponsored by, the Index Sponsor, any exchange, the NHL, or the Buffalo Sabres hockey club.

Listed Futures Contracts

Futures contracts are agreements between two parties that are executed on a DCM and that are cleared and margined through a derivatives clearing organization (a “DCO”). In a cash-settled futures contract, one party agrees to pay, and the other to receive, at settlement, cash in an amount determined by reference to the value of the underlying reference measure at a specified time, and no physical delivery of any asset occurs. In market terminology, a party who purchases a futures contract is long in the market and a party who sells a futures contract is short in the market. The Fund intends to typically enter into Listed Futures Contracts as the “buyer.” Obligations under a futures contract may generally be satisfied by settlement in cash at expiration or by making an offsetting sale or purchase of an identical contract before the settlement date. The difference between the price at which a contract is purchased or sold and the price paid or received for the offsetting transaction, after allowance for brokerage commissions, constitutes the profit or loss to the trader.

Swap Agreements

The Fund may obtain exposure to Team Performance through Swap Agreements. Swap agreements are derivative contracts entered into primarily with major global financial institutions for a specified period. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of a reference asset or benchmark. The Fund’s Swap Agreements may reference Team Performance, a measure of Team Performance such as the Reference Index, or Listed Futures Contracts. Swap agreements may be negotiated bilaterally and traded over-the-counter or, for certain standardized swaps, executed on a swap execution facility and cleared through a DCO. Generally, any such Swap Agreement is expected to be subject to daily collateral and exposure adjustments. The Fund’s use of Swap Agreements is subject to the qualifying-income considerations described under “Dividends, Distributions, and Taxes.”

Roll Strategy and the Seasonal Reset

The Fund intends to exit its Listed Futures Contracts as they near expiration and replace them with contracts having a later expiration date. This process is referred to as “rolling.” Futures holdings will not be rolled on a predetermined schedule.

The Reference Index resets to its standardized base value of 7,500 prior to the start of each NHL season. As a result, contracts that settle after the reset reference a different index cycle than contracts that settle before the reset, and the relationship between the prices of such contracts reflects, among other things, expectations for the team’s performance in the upcoming season rather than a continuation of the prior season’s index level. [When the Fund rolls from a contract referencing one season into a contract referencing the following season, the Fund’s net asset value will not experience a discontinuity solely by reason of the reset; however, the Fund’s returns across seasons will reflect the pricing relationship between the expiring and newly purchased contracts rather than season-over-season changes in the level of the Reference Index, which is reinitialized to its base value at the start of each season and therefore does not itself provide season-over-season continuity.] [During the NHL off-season, the Reference Index continues to be published and is reset to the 7,500 base value on the calculation day falling 32 calendar days after the last game of the Stanley Cup Final. During the offseason, Team Performance Investments may exhibit limited price movement and reduced trading activity; the Fund will continue to hold Collateral Investments and, to the extent listed and available, Team Performance Investments referencing the following season, during such periods.]

At times, futures contracts with a longer term to expiration may be priced higher than contracts with a shorter term to expiration, a relationship called “contango.” When rolling contracts that are in contango, the Fund will close its long position by selling the shorter-term contract at a relatively lower price and buying a longer-dated contract at a relatively higher price. The presence of contango will adversely affect the performance of the Fund and could result in a negative yield for the Fund. Conversely, contracts with a longer term to expiration may be priced lower than contracts with a shorter term to expiration, a relationship called “backwardation.” When rolling long contracts that are in backwardation, the Fund will close its long position by selling the shorter-term contract at a relatively higher price and buying a longer-dated contract at a relatively lower price. The presence of backwardation may positively affect the performance of the Fund. The term structure of a futures market referencing a seasonally resetting performance measure has no operating history, and the prevalence of contango or backwardation cannot be predicted.

The Subsidiary

The Fund expects to invest in Team Performance Investments primarily indirectly through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to Team Performance Investments within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in certain futures contracts and other investments that do not generate qualifying income for tax purposes. The Subsidiary, which is also managed by the Adviser, has the same investment objective as the Fund, but it may invest in Team Performance Investments to a greater extent than the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Because the Fund intends to elect to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the size of the Fund’s investment in the Subsidiary generally will be limited to 25% of the Fund’s total assets, tested at the end of each fiscal quarter.

Position Limits and Exposure Management

The Adviser may determine to modify the extent of the Fund’s exposure to Team Performance in response to extreme market conditions, as determined in the sole discretion of the Adviser, and to avoid exceeding any position limits or position accountability levels applicable to Team Performance Investments established by a DCM or the CFTC. These limits may hinder the Fund’s ability to enter into the desired amount of Team Performance Investments at times. Because instruments referencing sports performance are newly developed with no trading history, the Fund may represent a significant portion of the open interest in such instruments, particularly during the Fund’s early operations, and applicable position limits or accountability levels may constrain the Fund’s ability to achieve its target exposure at asset levels materially lower than would be the case for an established futures market. Any determination to modify the Fund’s exposure may cause the Fund to liquidate holdings at disadvantageous times or prices, potentially subjecting the Fund to substantial losses, and prevent the Fund from achieving its investment objective.

Collateral Investments and Other Investments

The Fund will also invest in Collateral Investments. The Collateral Investments may consist of: (i) U.S. Government securities, such as bills, notes, and bonds issued by the U.S. Treasury; (ii) money market funds; and/or (iii) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or determined by the Adviser to be of comparable quality. Such Collateral Investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund’s Team Performance Investments.

In order to help the Fund maintain its desired level of exposure to Team Performance, maintain its tax status as a RIC on days in and around quarter-end, help the Fund maintain its desired exposure when it is approaching or has exceeded position limits or accountability levels, or because of liquidity or other constraints, the Fund may also invest in reverse repurchase agreement transactions and, to the extent they are developed, exchange-traded products providing exposure to Team Performance (together, “Other Investments”).

The Fund may, but is not required to, take defensive actions to limit losses or prevent the Fund’s NAV from going to or below zero during periods of extreme volatility. Such defensive actions may include entering into offsetting positions or otherwise hedging the Fund’s exposure to Team Performance through the use of derivatives, including exchange-traded or over-the-counter (“OTC”) swaps, options or swaptions contracts, or investing a greater portion of the Fund’s assets in non-Team Performance Investments, such as cash and cash equivalents. However, because the Fund employs leverage and may be subject to unscheduled rebalancing, these measures may magnify losses or cause the Fund to realize losses already incurred. Taking defensive actions will also cause the Fund’s performance to deviate from the target multiple of the daily return of the Reference Index and as a result, may cause the Fund to not achieve its investment objective. In addition, such defensive positioning may not prevent substantial or total loss of value. The Fund may engage in defensive investing for brief or extended periods depending on market conditions and other factors considered by the Adviser.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund will not concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. The Fund, however, will invest more than 25% of its total assets in investments that provide exposure to Team Performance.

Principal Investment Risks

The value of an investment in the Fund could decline significantly and without warning, including to $0. You should be prepared for the possibility of losing your entire investment. The performance of Team Performance Investments, and therefore the performance of the Fund, may differ significantly from the performance of the Reference Index.

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and/or ability to meet its investment objective.

As with any investment, there is a risk that you could lose all or a portion of your money invested in the Fund. The Fund may not achieve its investment objective or achieve its targeted exposure to the return of the Reference Index. The Fund presents risks not traditionally associated with other mutual funds and ETFs. For example, due to the Fund’s daily leveraged investment strategy, a small adverse move in the Reference Index level will result in larger and potentially substantial declines in the Fund. The following risks could affect the value of your investment in the Fund:

The Fund may have difficulty effectuating its daily leveraged investment strategy 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, illiquidity, or high volatility in the markets for the securities or financial instruments in which the Fund invests. 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 Reference Index. These factors could decrease the correlation between the performance of the Fund and the Reference Index and may hinder the Fund’s ability to effectuate its daily leveraged investment strategy on or around that day.

Options are often used to manage or hedge risk because they enable an investor to buy or sell an asset in the future at an agreed-upon price. Options used by the Fund to reduce volatility may not perform as intended and may not fully protect the Fund against declines in the value of its portfolio investments. Options also are used for other reasons, such as to manage exposure to changes in interest rates and bond prices; as an efficient means of adjusting overall exposure to certain markets; in an effort to enhance income; to protect the value of portfolio securities or other instruments; and to adjust portfolio duration.

Options are subject to correlation risk. The writing and purchasing of options are highly specialized activities as the successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or its Adviser, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to liquidity risk. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, the Fund is exposed to the risk that buying and selling put and call options can be more speculative than investing directly in securities.

Purchasing put options may result in the Fund’s loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund’s ability to mitigate losses in the event of a market decline will be reduced.

The effect of compounding becomes more pronounced as Reference Index volatility and the holding period increase. 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 Reference Index during shareholder’s holding period.

The chart below provides examples of how Reference Index volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance: Reference Index volatility and Reference Index return. Reference Index returns show the percentage change in the value of the Reference Index over the specified time period, while Reference Index volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Reference Index return over two equal time periods is identical, different Reference Index volatility (i.e., fluctuations in the rates of return) during the two time periods could result in drastically different Fund performance for the two time periods due to the effects of compounding daily returns during the time periods.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Reference Index volatility; b) Reference Index performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart below illustrates the impact of two principal factors – Reference Index volatility and Reference Index performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Reference Index volatility and Reference Index performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities included in the Reference Index; (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. The illustrations also assume the Fund maintains exposure equal to 200% of its net assets at all times; to the extent the Fund’s actual exposure is lower, the effects illustrated would be correspondingly reduced. Particularly during periods of higher Reference Index volatility, compounding will cause results for periods longer than a trading day to vary from two times (2x) the performance of the Reference Index.

As shown in the chart below, the Fund would be expected to lose 6.1% if the Reference Index provided no return over a one year period during which the Reference Index 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 Reference Index’s return is flat. For instance, if the Reference Index’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index 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 two times (2x) the performance of the Reference Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (2x) the performance of the Reference Index. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Index Correlation/Tracking Risk” above.

For information regarding the effects of volatility and Reference Index performance on the long-term performance of the Fund, see “Additional Information About the Funds’ Investment Strategies” in the Fund’s statutory prospectus, and “Special Note Regarding the Correlation Risks of the Fund” in the Fund’s Statement of Additional Information.

If there is a significant intra-day market event, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses.

Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee on creation unit transactions, change its investment objective, reduce its leverage or close.

The CFTC has recently proposed amendments to its rules concerning event contracts, commonly referred to as prediction markets, to specify which contracts may be determined contrary to the public interest and therefore may not be listed for trading or accepted for clearing on or through a CFTC-regulated entity. The CFTC or the listing exchange could, at any time and without advance notice, impose new conditions, margin or position-limit requirements, reporting obligations, trading halts, settlement adjustments, or delisting actions. Any such changes could, among other things; (i) impair the Fund’s ability to establish, maintain, or close positions; (ii) require the Fund to liquidate positions at disadvantageous prices; (iii) alter the economic characteristics on which the Fund relies; or (iv) render the Fund’s principal investment strategy impractical. In addition, future legislative, judicial, or administrative developments could retroactively affect the permissibility, settlement mechanics, or availability of Listed Futures Contracts. These developments may occur abruptly and may not provide mechanisms for investor recourse or for the orderly unwind of positions. There can be no assurance that the regulatory environment for sports-linked financial instruments will remain stable or favorable.

Although the underlying index will be static during this period, the prices of Listed Futures Contracts may still fluctuate based on market expectations regarding the team’s prospects for the upcoming season, including coaching changes, player trades, draft picks, free agent signings, injury recovery timelines, training camp developments, and other factors that affect the market’s assessment of the team’s likely statistical performance. However, because the index itself is not moving during the offseason, the magnitude of futures price movements may be reduced relative to the playing season, and the relationship between futures prices and the underlying index level may be less predictable. There can be no assurance that the Fund’s offseason futures holdings will appreciate in value, and the Fund may experience losses during the offseason if market sentiment regarding the team’s upcoming season deteriorates. In addition, there can be no assurance that Listed Futures Contracts will be available in sufficient volume or at favorable pricing during the offseason or at the start of a new season.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Board may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

In addition, the tax treatment of futures contracts referencing sports performance indexes is uncertain in certain respects, and the IRS could take positions — including as to the character or source of income from such contracts — that differ from the treatment expected by the Fund, which could adversely affect the Fund’s ability to qualify as a RIC or the taxation of shareholders.

Performance

Performance information for the Fund is not provided because the Fund had not commenced operations prior to the date of this Prospectus. When performance information is available, it will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Updated performance information will be available on the Fund’s website at www.leagueshares.com or by calling the Fund toll-free at [●].

Management

Investment Adviser: LeagueShares Advisors, LLC

Portfolio Managers: [●] are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio. Each has served as a portfolio manager of the Fund since its inception in [●] 2026.

Purchase and Sale of Shares

The Fund issues and redeems Shares at NAV only in large blocks of 10,000 Shares known as “Creation Units,” which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a designated amount of cash and/or a portfolio of securities and/or other instruments. Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the “bid” price) and the lowest price a seller is willing to accept for Shares (the “ask” price) when buying or selling Shares in the secondary market. Recent information regarding the Fund’s NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund’s website at [www.leagueshares.com].

Tax Information

The Fund’s distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an individual retirement account (“IRA”) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information.

LEAGUESHARES LEVERAGED CALGARY FLAMES^® ETF – FUND SUMMARY

Important Information About the Fund

The investment objective of the LeagueShares Leveraged Calgary Flames^® ETF (the “Fund”) is total return. The Fund intends to achieve its investment objective primarily by seeking daily investment results, before fees and expenses, that target up to two times (2x) the daily return of the CME FSPI NHL Calgary Flames Index (the “Reference Index”) for a single day, not for any other period. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. Eastern Time. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Reference Index for the same period. For periods longer than a single day, the Fund will lose money if the Reference Index’s performance is flat, and it is possible that the Fund will lose money even if the level of the Reference Index rises. Longer holding periods, higher Reference Index volatility, and greater leveraged exposure each exacerbate the impact of compounding on an investor’s returns. During periods of higher Reference Index volatility, the volatility of the Reference Index may affect the Fund’s return as much as or more than the return of the Reference Index.

The Fund does not intend to seek daily exposure to the Reference Index in excess of 200% of the Fund’s net assets; however, the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets, and potentially significantly less than 200%. The Fund’s exposure to the return of the Reference Index on a given day is at the sole discretion of the Fund’s investment adviser.

The Fund presents different risks than other types of funds. The Fund uses leverage and is riskier than similarly benchmarked funds that do not use leverage. The Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (up to 2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full principal value of their investment within a single day.

Investment Objective

The LeagueShares Leveraged Calgary Flames^® ETF (the “Fund”) seeks total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that 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.

(1) Estimated for the Fund’s initial fiscal year.

(2) LeagueShares Advisors, LLC (the “Adviser”), the Fund’s investment adviser, also serves as the investment adviser to the Subsidiary (defined below), and provides the Subsidiary with the same type of management services, under essentially the same terms, as it provides the Fund. The Adviser has agreed to waive the management fee of [  ]% to be paid by the Subsidiary. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and at least through [  ], 2027. This waiver may be terminated only with the approval of the Subsidiary’s Board of Directors.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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 Shares are held in a taxable account. These costs, which are not reflected in the Total 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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by providing investors with daily leveraged (up to approximately 2x) exposure to the CME FSPI NHL Calgary Flames Index (the “Reference Index”), which is a measure of the on-ice competitive performance of the Calgary Flames, a professional hockey franchise and member club of the National Hockey League (the “NHL”) (such performance, “Team Performance”).

The Fund seeks to achieve its investment objective primarily by investing in: (i) futures contracts that provide exposure to the Reference Index or other indexes measuring Team Performance and that trade on an exchange registered with the Commodity Futures Trading Commission (“CFTC”) as a designated contract market (a “DCM”) (such contracts, “Listed Futures Contracts”); (ii) swap agreements and other derivative instruments that provide exposure to the Reference Index or other indexes measuring Team Performance (“Swap Agreements,” and together with Listed Futures Contracts, “Team Performance Investments”); and (iii) cash, cash equivalents, or high-quality securities that serve as collateral for the Fund’s Team Performance Investments (“Collateral Investments”). Listed Futures Contracts are expected to be cash settled; neither the Fund nor any counterparty is expected to make or take delivery of any underlying asset.

The Fund is not limited to the instruments of any particular exchange, sponsor, or reference measure. The Fund may invest in Listed Futures Contracts of any expiration date traded on any DCM. As the market for instruments referencing sports performance develops, additional contracts may be listed by other exchanges, and additional sponsors may develop competing measures of Team Performance. The Fund may invest in any such instruments that the Adviser determines provide appropriate exposure to Team Performance, and the Fund’s investments may shift among instruments, exchanges, or reference measures over time. The Adviser may consider the following factors, among others, in selecting among available instruments: liquidity and depth of market; transaction, clearing, and financing costs; margin requirements; contract terms and settlement mechanics; position limits and position accountability levels; the creditworthiness and operational capabilities of the Fund’s futures commission merchants (“FCMs”), clearing organizations, and swap counterparties; and prevailing market conditions.

The Fund is actively managed and does not seek to track or replicate the performance of any index over any period. The Fund’s exposure to the Reference Index on a given day is at the sole discretion of the Adviser. The Fund seeks daily exposure to the Reference Index of up to 200% of the Fund’s net assets (approximately two times, or 2x), and does not intend to exceed that level; the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets. To maintain approximately 2x exposure, the Fund expects to rebalance its Team Performance Investments daily — increasing exposure following days on which the value of its positions rises and reducing exposure following days on which it falls — so that leverage applies to each day’s starting net assets rather than to a shareholder’s original investment. Because of daily rebalancing and compounding, the Fund’s return over any period longer than a single day will very likely differ, in amount and possibly in direction, from two times the change in level of the Reference Index over that period.

The Fund may not be able to obtain the desired level of exposure to the Reference Index. The amount of exposure the Fund is able to obtain depends on the following factors, among others: the availability, listing status, and liquidity of Team Performance Investments; position limits or position accountability levels established by a DCM or the CFTC; regulatory limits on leverage risk; volatility in, or a disruption to, the market for Team Performance Investments; the willingness of counterparties to enter into Swap Agreements referencing the Reference Index; and margin or other requirements imposed by the Fund’s FCMs, a DCM, the CFTC, or other regulators. Because instruments referencing sports performance are newly developed and have no trading history, these constraints may be more significant for the Fund than for a fund investing in an established futures market. There can be no assurance that the Fund will be able to achieve or maintain its target exposure.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Team Performance Investments and other investments that provide exposure to Team Performance or have economic characteristics that are substantially similar to such exposure. For purposes of compliance with this investment policy, derivative contracts (i.e., swap agreements and futures contracts) will be valued at their notional value.

The Calgary Flames are a professional ice hockey team competing in the NHL, based in Calgary, Alberta, Canada, and playing home games at Scotiabank Saddledome. Founded in 1972 as the Atlanta Flames, the franchise relocated to Calgary in 1980 and won the Stanley Cup in 1989. The Calgary Flames finished the 2025–26 season with a 34-39-9 record (77 points), placing seventh in the Pacific Division and missing the playoffs. The NHL season generally runs from October through April, with postseason play continuing through June. The team’s statistical performance data used by the Reference Index is produced and published by the NHL as official league statistics. The Reference Index is published under the symbol NHLCGY and closed the 2025–26 season at approximately 5,325, or approximately 29% below the base value.

An investment in the Fund is not an investment in the Calgary Flames, the NHL, or FutureSports, and does not convey any ownership, revenue participation, ticket, licensing, or other rights with respect to any of them. Shareholders have no recourse against the team, the league, or the Index Sponsor for actions that adversely affect the Reference Index or the Fund.

Unlike many other futures-based exchange-traded products, the Fund will not issue its shareholders a Schedule K-1 for tax reporting purposes, which can increase the complexity of a shareholder’s tax reporting. Instead, the Fund is designed to be taxed as a conventional mutual fund and will issue a Form 1099 to its shareholders for tax reporting purposes. A consequence of the Fund’s tax status is that it generally is limited to obtaining its exposure to Team Performance Investments through the Subsidiary, which is defined and described below.

Instruments Currently Expected to Be Available

As of the date of this Prospectus, [Chicago Mercantile Exchange Inc. (the “CME”)] lists cash-settled futures contracts referencing the Reference Index. Those contracts are listed in [monthly (micro and institutional sizes), weekly (micro size only, NHL), and annual serial aligned to season end,] and settle in cash by reference to the level of the Reference Index.

The Reference Index is part of a family of rules-based reference benchmarks known as the CME FutureSports Performance Indexes (FSPI) and administered by FutureSports (the “Index Sponsor”) that measure cumulative NHL team performance over the course of each season by systematically aggregating officially reported league statistics—such as goals, shots, saves, hits, and takeaways—and applying predetermined multipliers to translate those statistics into a numerical index value. Each team’s index starts at a base level of 7,500 at the beginning of a season and moves up or down as positive constituents (e.g., goals scored, shutouts) add points and negative constituents (e.g., goals allowed, penalties) subtract points, updating in real time while games are being played, throughout the NHL regular season and postseason. The methodology is designed to be independent of binary win/loss outcomes, instead capturing the breadth of on-ice statistical performance, and it aligns with the IOSCO Principles for Financial Benchmarks. The indexes rely exclusively on official NHL data, are not investable assets themselves, and may be referenced by separate financial instruments or contracts.

The Fund does not track, license, or seek to replicate the Reference Index. The Reference Index is relevant to the Fund only because it is expected to determine the settlement value of certain of the instruments in which the Fund invests. Neither the Fund nor the Adviser is affiliated with, or licensed or sponsored by, the Index Sponsor, any exchange, the NHL, or the Calgary Flames hockey club.

Listed Futures Contracts

Futures contracts are agreements between two parties that are executed on a DCM and that are cleared and margined through a derivatives clearing organization (a “DCO”). In a cash-settled futures contract, one party agrees to pay, and the other to receive, at settlement, cash in an amount determined by reference to the value of the underlying reference measure at a specified time, and no physical delivery of any asset occurs. In market terminology, a party who purchases a futures contract is long in the market and a party who sells a futures contract is short in the market. The Fund intends to typically enter into Listed Futures Contracts as the “buyer.” Obligations under a futures contract may generally be satisfied by settlement in cash at expiration or by making an offsetting sale or purchase of an identical contract before the settlement date. The difference between the price at which a contract is purchased or sold and the price paid or received for the offsetting transaction, after allowance for brokerage commissions, constitutes the profit or loss to the trader.

Swap Agreements

The Fund may obtain exposure to Team Performance through Swap Agreements. Swap agreements are derivative contracts entered into primarily with major global financial institutions for a specified period. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of a reference asset or benchmark. The Fund’s Swap Agreements may reference Team Performance, a measure of Team Performance such as the Reference Index, or Listed Futures Contracts. Swap agreements may be negotiated bilaterally and traded over-the-counter or, for certain standardized swaps, executed on a swap execution facility and cleared through a DCO. Generally, any such Swap Agreement is expected to be subject to daily collateral and exposure adjustments. The Fund’s use of Swap Agreements is subject to the qualifying-income considerations described under “Dividends, Distributions, and Taxes.”

Roll Strategy and the Seasonal Reset

The Fund intends to exit its Listed Futures Contracts as they near expiration and replace them with contracts having a later expiration date. This process is referred to as “rolling.” Futures holdings will not be rolled on a predetermined schedule.

The Reference Index resets to its standardized base value of 7,500 prior to the start of each NHL season. As a result, contracts that settle after the reset reference a different index cycle than contracts that settle before the reset, and the relationship between the prices of such contracts reflects, among other things, expectations for the team’s performance in the upcoming season rather than a continuation of the prior season’s index level. [When the Fund rolls from a contract referencing one season into a contract referencing the following season, the Fund’s net asset value will not experience a discontinuity solely by reason of the reset; however, the Fund’s returns across seasons will reflect the pricing relationship between the expiring and newly purchased contracts rather than season-over-season changes in the level of the Reference Index, which is reinitialized to its base value at the start of each season and therefore does not itself provide season-over-season continuity.] [During the NHL off-season, the Reference Index continues to be published and is reset to the 7,500 base value on the calculation day falling 32 calendar days after the last game of the Stanley Cup Final. During the offseason, Team Performance Investments may exhibit limited price movement and reduced trading activity; the Fund will continue to hold Collateral Investments and, to the extent listed and available, Team Performance Investments referencing the following season, during such periods.]

At times, futures contracts with a longer term to expiration may be priced higher than contracts with a shorter term to expiration, a relationship called “contango.” When rolling contracts that are in contango, the Fund will close its long position by selling the shorter-term contract at a relatively lower price and buying a longer-dated contract at a relatively higher price. The presence of contango will adversely affect the performance of the Fund and could result in a negative yield for the Fund. Conversely, contracts with a longer term to expiration may be priced lower than contracts with a shorter term to expiration, a relationship called “backwardation.” When rolling long contracts that are in backwardation, the Fund will close its long position by selling the shorter-term contract at a relatively higher price and buying a longer-dated contract at a relatively lower price. The presence of backwardation may positively affect the performance of the Fund. The term structure of a futures market referencing a seasonally resetting performance measure has no operating history, and the prevalence of contango or backwardation cannot be predicted.

The Subsidiary

The Fund expects to invest in Team Performance Investments primarily indirectly through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to Team Performance Investments within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in certain futures contracts and other investments that do not generate qualifying income for tax purposes. The Subsidiary, which is also managed by the Adviser, has the same investment objective as the Fund, but it may invest in Team Performance Investments to a greater extent than the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Because the Fund intends to elect to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the size of the Fund’s investment in the Subsidiary generally will be limited to 25% of the Fund’s total assets, tested at the end of each fiscal quarter.

Position Limits and Exposure Management

The Adviser may determine to modify the extent of the Fund’s exposure to Team Performance in response to extreme market conditions, as determined in the sole discretion of the Adviser, and to avoid exceeding any position limits or position accountability levels applicable to Team Performance Investments established by a DCM or the CFTC. These limits may hinder the Fund’s ability to enter into the desired amount of Team Performance Investments at times. Because instruments referencing sports performance are newly developed with no trading history, the Fund may represent a significant portion of the open interest in such instruments, particularly during the Fund’s early operations, and applicable position limits or accountability levels may constrain the Fund’s ability to achieve its target exposure at asset levels materially lower than would be the case for an established futures market. Any determination to modify the Fund’s exposure may cause the Fund to liquidate holdings at disadvantageous times or prices, potentially subjecting the Fund to substantial losses, and prevent the Fund from achieving its investment objective.

Collateral Investments and Other Investments

The Fund will also invest in Collateral Investments. The Collateral Investments may consist of: (i) U.S. Government securities, such as bills, notes, and bonds issued by the U.S. Treasury; (ii) money market funds; and/or (iii) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or determined by the Adviser to be of comparable quality. Such Collateral Investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund’s Team Performance Investments.

In order to help the Fund maintain its desired level of exposure to Team Performance, maintain its tax status as a RIC on days in and around quarter-end, help the Fund maintain its desired exposure when it is approaching or has exceeded position limits or accountability levels, or because of liquidity or other constraints, the Fund may also invest in reverse repurchase agreement transactions and, to the extent they are developed, exchange-traded products providing exposure to Team Performance (together, “Other Investments”).

The Fund may, but is not required to, take defensive actions to limit losses or prevent the Fund’s NAV from going to or below zero during periods of extreme volatility. Such defensive actions may include entering into offsetting positions or otherwise hedging the Fund’s exposure to Team Performance through the use of derivatives, including exchange-traded or over-the-counter (“OTC”) swaps, options or swaptions contracts, or investing a greater portion of the Fund’s assets in non-Team Performance Investments, such as cash and cash equivalents. However, because the Fund employs leverage and may be subject to unscheduled rebalancing, these measures may magnify losses or cause the Fund to realize losses already incurred. Taking defensive actions will also cause the Fund’s performance to deviate from the target multiple of the daily return of the Reference Index and as a result, may cause the Fund to not achieve its investment objective. In addition, such defensive positioning may not prevent substantial or total loss of value. The Fund may engage in defensive investing for brief or extended periods depending on market conditions and other factors considered by the Adviser.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund will not concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. The Fund, however, will invest more than 25% of its total assets in investments that provide exposure to Team Performance.

Principal Investment Risks

The value of an investment in the Fund could decline significantly and without warning, including to $0. You should be prepared for the possibility of losing your entire investment. The performance of Team Performance Investments, and therefore the performance of the Fund, may differ significantly from the performance of the Reference Index.

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and/or ability to meet its investment objective.

As with any investment, there is a risk that you could lose all or a portion of your money invested in the Fund. The Fund may not achieve its investment objective or achieve its targeted exposure to the return of the Reference Index. The Fund presents risks not traditionally associated with other mutual funds and ETFs. For example, due to the Fund’s daily leveraged investment strategy, a small adverse move in the Reference Index level will result in larger and potentially substantial declines in the Fund. The following risks could affect the value of your investment in the Fund:

The Fund may have difficulty effectuating its daily leveraged investment strategy 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, illiquidity, or high volatility in the markets for the securities or financial instruments in which the Fund invests. 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 Reference Index. These factors could decrease the correlation between the performance of the Fund and the Reference Index and may hinder the Fund’s ability to effectuate its daily leveraged investment strategy on or around that day.

Options are often used to manage or hedge risk because they enable an investor to buy or sell an asset in the future at an agreed-upon price. Options used by the Fund to reduce volatility may not perform as intended and may not fully protect the Fund against declines in the value of its portfolio investments. Options also are used for other reasons, such as to manage exposure to changes in interest rates and bond prices; as an efficient means of adjusting overall exposure to certain markets; in an effort to enhance income; to protect the value of portfolio securities or other instruments; and to adjust portfolio duration.

Options are subject to correlation risk. The writing and purchasing of options are highly specialized activities as the successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or its Adviser, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to liquidity risk. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, the Fund is exposed to the risk that buying and selling put and call options can be more speculative than investing directly in securities.

Purchasing put options may result in the Fund’s loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund’s ability to mitigate losses in the event of a market decline will be reduced.

The effect of compounding becomes more pronounced as Reference Index volatility and the holding period increase. 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 Reference Index during shareholder’s holding period.

The chart below provides examples of how Reference Index volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance: Reference Index volatility and Reference Index return. Reference Index returns show the percentage change in the value of the Reference Index over the specified time period, while Reference Index volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Reference Index return over two equal time periods is identical, different Reference Index volatility (i.e., fluctuations in the rates of return) during the two time periods could result in drastically different Fund performance for the two time periods due to the effects of compounding daily returns during the time periods.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Reference Index volatility; b) Reference Index performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart below illustrates the impact of two principal factors – Reference Index volatility and Reference Index performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Reference Index volatility and Reference Index performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities included in the Reference Index; (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. The illustrations also assume the Fund maintains exposure equal to 200% of its net assets at all times; to the extent the Fund’s actual exposure is lower, the effects illustrated would be correspondingly reduced. Particularly during periods of higher Reference Index volatility, compounding will cause results for periods longer than a trading day to vary from two times (2x) the performance of the Reference Index.

As shown in the chart below, the Fund would be expected to lose 6.1% if the Reference Index provided no return over a one year period during which the Reference Index 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 Reference Index’s return is flat. For instance, if the Reference Index’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index 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 two times (2x) the performance of the Reference Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (2x) the performance of the Reference Index. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Index Correlation/Tracking Risk” above.

For information regarding the effects of volatility and Reference Index performance on the long-term performance of the Fund, see “Additional Information About the Funds’ Investment Strategies” in the Fund’s statutory prospectus, and “Special Note Regarding the Correlation Risks of the Fund” in the Fund’s Statement of Additional Information.

If there is a significant intra-day market event, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses.

Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee on creation unit transactions, change its investment objective, reduce its leverage or close.

The CFTC has recently proposed amendments to its rules concerning event contracts, commonly referred to as prediction markets, to specify which contracts may be determined contrary to the public interest and therefore may not be listed for trading or accepted for clearing on or through a CFTC-regulated entity. The CFTC or the listing exchange could, at any time and without advance notice, impose new conditions, margin or position-limit requirements, reporting obligations, trading halts, settlement adjustments, or delisting actions. Any such changes could, among other things; (i) impair the Fund’s ability to establish, maintain, or close positions; (ii) require the Fund to liquidate positions at disadvantageous prices; (iii) alter the economic characteristics on which the Fund relies; or (iv) render the Fund’s principal investment strategy impractical. In addition, future legislative, judicial, or administrative developments could retroactively affect the permissibility, settlement mechanics, or availability of Listed Futures Contracts. These developments may occur abruptly and may not provide mechanisms for investor recourse or for the orderly unwind of positions. There can be no assurance that the regulatory environment for sports-linked financial instruments will remain stable or favorable.

Although the underlying index will be static during this period, the prices of Listed Futures Contracts may still fluctuate based on market expectations regarding the team’s prospects for the upcoming season, including coaching changes, player trades, draft picks, free agent signings, injury recovery timelines, training camp developments, and other factors that affect the market’s assessment of the team’s likely statistical performance. However, because the index itself is not moving during the offseason, the magnitude of futures price movements may be reduced relative to the playing season, and the relationship between futures prices and the underlying index level may be less predictable. There can be no assurance that the Fund’s offseason futures holdings will appreciate in value, and the Fund may experience losses during the offseason if market sentiment regarding the team’s upcoming season deteriorates. In addition, there can be no assurance that Listed Futures Contracts will be available in sufficient volume or at favorable pricing during the offseason or at the start of a new season.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Board may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

In addition, the tax treatment of futures contracts referencing sports performance indexes is uncertain in certain respects, and the IRS could take positions — including as to the character or source of income from such contracts — that differ from the treatment expected by the Fund, which could adversely affect the Fund’s ability to qualify as a RIC or the taxation of shareholders.

Performance

Performance information for the Fund is not provided because the Fund had not commenced operations prior to the date of this Prospectus. When performance information is available, it will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Updated performance information will be available on the Fund’s website at www.leagueshares.com or by calling the Fund toll-free at [●].

Management

Investment Adviser: LeagueShares Advisors, LLC

Portfolio Managers: [●] are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio. Each has served as a portfolio manager of the Fund since its inception in [●] 2026.

Purchase and Sale of Shares

The Fund issues and redeems Shares at NAV only in large blocks of 10,000 Shares known as “Creation Units,” which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a designated amount of cash and/or a portfolio of securities and/or other instruments. Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the “bid” price) and the lowest price a seller is willing to accept for Shares (the “ask” price) when buying or selling Shares in the secondary market. Recent information regarding the Fund’s NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund’s website at [www.leagueshares.com].

Tax Information

The Fund’s distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an individual retirement account (“IRA”) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information.

LEAGUESHARES LEVERAGED CAROLINA HURRICANES^® ETF – FUND SUMMARY

Important Information About the Fund

The investment objective of the LeagueShares Leveraged Carolina Hurricanes^® ETF (the “Fund”) is total return. The Fund intends to achieve its investment objective primarily by seeking daily investment results, before fees and expenses, that target up to two times (2x) the daily return of the CME FSPI NHL Carolina Hurricanes Index (the “Reference Index”) for a single day, not for any other period. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. Eastern Time. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Reference Index for the same period. For periods longer than a single day, the Fund will lose money if the Reference Index’s performance is flat, and it is possible that the Fund will lose money even if the level of the Reference Index rises. Longer holding periods, higher Reference Index volatility, and greater leveraged exposure each exacerbate the impact of compounding on an investor’s returns. During periods of higher Reference Index volatility, the volatility of the Reference Index may affect the Fund’s return as much as or more than the return of the Reference Index.

The Fund does not intend to seek daily exposure to the Reference Index in excess of 200% of the Fund’s net assets; however, the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets, and potentially significantly less than 200%. The Fund’s exposure to the return of the Reference Index on a given day is at the sole discretion of the Fund’s investment adviser.

The Fund presents different risks than other types of funds. The Fund uses leverage and is riskier than similarly benchmarked funds that do not use leverage. The Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (up to 2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full principal value of their investment within a single day.

Investment Objective

The LeagueShares Leveraged Carolina Hurricanes^® ETF (the “Fund”) seeks total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that 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.

(1) Estimated for the Fund’s initial fiscal year.

(2) LeagueShares Advisors, LLC (the “Adviser”), the Fund’s investment adviser, also serves as the investment adviser to the Subsidiary (defined below), and provides the Subsidiary with the same type of management services, under essentially the same terms, as it provides the Fund. The Adviser has agreed to waive the management fee of [ ]% to be paid by the Subsidiary. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and at least through [ ], 2027. This waiver may be terminated only with the approval of the Subsidiary’s Board of Directors.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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 Shares are held in a taxable account. These costs, which are not reflected in the Total 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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by providing investors with daily leveraged (up to approximately 2x) exposure to the CME FSPI NHL Carolina Hurricanes Index (the “Reference Index”), which is a measure of the on-ice competitive performance of the Carolina Hurricanes, a professional hockey franchise and member club of the National Hockey League (the “NHL”) (such performance, “Team Performance”).

The Fund seeks to achieve its investment objective primarily by investing in: (i) futures contracts that provide exposure to the Reference Index or other indexes measuring Team Performance and that trade on an exchange registered with the Commodity Futures Trading Commission (“CFTC”) as a designated contract market (a “DCM”) (such contracts, “Listed Futures Contracts”); (ii) swap agreements and other derivative instruments that provide exposure to the Reference Index or other indexes measuring Team Performance (“Swap Agreements,” and together with Listed Futures Contracts, “Team Performance Investments”); and (iii) cash, cash equivalents, or high-quality securities that serve as collateral for the Fund’s Team Performance Investments (“Collateral Investments”). Listed Futures Contracts are expected to be cash settled; neither the Fund nor any counterparty is expected to make or take delivery of any underlying asset.

The Fund is not limited to the instruments of any particular exchange, sponsor, or reference measure. The Fund may invest in Listed Futures Contracts of any expiration date traded on any DCM. As the market for instruments referencing sports performance develops, additional contracts may be listed by other exchanges, and additional sponsors may develop competing measures of Team Performance. The Fund may invest in any such instruments that the Adviser determines provide appropriate exposure to Team Performance, and the Fund’s investments may shift among instruments, exchanges, or reference measures over time. The Adviser may consider the following factors, among others, in selecting among available instruments: liquidity and depth of market; transaction, clearing, and financing costs; margin requirements; contract terms and settlement mechanics; position limits and position accountability levels; the creditworthiness and operational capabilities of the Fund’s futures commission merchants (“FCMs”), clearing organizations, and swap counterparties; and prevailing market conditions.

The Fund is actively managed and does not seek to track or replicate the performance of any index over any period. The Fund’s exposure to the Reference Index on a given day is at the sole discretion of the Adviser. The Fund seeks daily exposure to the Reference Index of up to 200% of the Fund’s net assets (approximately two times, or 2x), and does not intend to exceed that level; the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets. To maintain approximately 2x exposure, the Fund expects to rebalance its Team Performance Investments daily — increasing exposure following days on which the value of its positions rises and reducing exposure following days on which it falls — so that leverage applies to each day’s starting net assets rather than to a shareholder’s original investment. Because of daily rebalancing and compounding, the Fund’s return over any period longer than a single day will very likely differ, in amount and possibly in direction, from two times the change in level of the Reference Index over that period.

The Fund may not be able to obtain the desired level of exposure to the Reference Index. The amount of exposure the Fund is able to obtain depends on the following factors, among others: the availability, listing status, and liquidity of Team Performance Investments; position limits or position accountability levels established by a DCM or the CFTC; regulatory limits on leverage risk; volatility in, or a disruption to, the market for Team Performance Investments; the willingness of counterparties to enter into Swap Agreements referencing the Reference Index; and margin or other requirements imposed by the Fund’s FCMs, a DCM, the CFTC, or other regulators. Because instruments referencing sports performance are newly developed and have no trading history, these constraints may be more significant for the Fund than for a fund investing in an established futures market. There can be no assurance that the Fund will be able to achieve or maintain its target exposure.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Team Performance Investments and other investments that provide exposure to Team Performance or have economic characteristics that are substantially similar to such exposure. For purposes of compliance with this investment policy, derivative contracts (i.e., swap agreements and futures contracts) will be valued at their notional value.

The Carolina Hurricanes are a professional ice hockey team competing in the NHL, based in Raleigh, North Carolina, and playing home games at Lenovo Center. Founded in 1972 as the New England Whalers and a member of the NHL since 1979, the franchise relocated to North Carolina in 1997 and has won two Stanley Cup championships, in 2006 and 2026. The Carolina Hurricanes finished the 2025–26 season with a 53-22-7 record (113 points), placing first in the Metropolitan Division and winning the 2026 Stanley Cup. The NHL season generally runs from October through April, with postseason play continuing through June. The team’s statistical performance data used by the Reference Index is produced and published by the NHL as official league statistics. The Reference Index is published under the symbol NHLCAR and closed the 2025–26 season at approximately 11,925, or approximately 59% above the base value.

An investment in the Fund is not an investment in the Carolina Hurricanes, the NHL, or FutureSports, and does not convey any ownership, revenue participation, ticket, licensing, or other rights with respect to any of them. Shareholders have no recourse against the team, the league, or the Index Sponsor for actions that adversely affect the Reference Index or the Fund.

Unlike many other futures-based exchange-traded products, the Fund will not issue its shareholders a Schedule K-1 for tax reporting purposes, which can increase the complexity of a shareholder’s tax reporting. Instead, the Fund is designed to be taxed as a conventional mutual fund and will issue a Form 1099 to its shareholders for tax reporting purposes. A consequence of the Fund’s tax status is that it generally is limited to obtaining its exposure to Team Performance Investments through the Subsidiary, which is defined and described below.

Instruments Currently Expected to Be Available

As of the date of this Prospectus, [Chicago Mercantile Exchange Inc. (the “CME”)] lists cash-settled futures contracts referencing the Reference Index. Those contracts are listed in [monthly (micro and institutional sizes), weekly (micro size only, NHL), and annual serial aligned to season end,] and settle in cash by reference to the level of the Reference Index.

The Reference Index is part of a family of rules-based reference benchmarks known as the CME FutureSports Performance Indexes (FSPI) and administered by FutureSports (the “Index Sponsor”) that measure cumulative NHL team performance over the course of each season by systematically aggregating officially reported league statistics—such as goals, shots, saves, hits, and takeaways—and applying predetermined multipliers to translate those statistics into a numerical index value. Each team’s index starts at a base level of 7,500 at the beginning of a season and moves up or down as positive constituents (e.g., goals scored, shutouts) add points and negative constituents (e.g., goals allowed, penalties) subtract points, updating in real time while games are being played, throughout the NHL regular season and postseason. The methodology is designed to be independent of binary win/loss outcomes, instead capturing the breadth of on-ice statistical performance, and it aligns with the IOSCO Principles for Financial Benchmarks. The indexes rely exclusively on official NHL data, are not investable assets themselves, and may be referenced by separate financial instruments or contracts.

The Fund does not track, license, or seek to replicate the Reference Index. The Reference Index is relevant to the Fund only because it is expected to determine the settlement value of certain of the instruments in which the Fund invests. Neither the Fund nor the Adviser is affiliated with, or licensed or sponsored by, the Index Sponsor, any exchange, the NHL, or the Carolina Hurricanes hockey club.

Listed Futures Contracts

Futures contracts are agreements between two parties that are executed on a DCM and that are cleared and margined through a derivatives clearing organization (a “DCO”). In a cash-settled futures contract, one party agrees to pay, and the other to receive, at settlement, cash in an amount determined by reference to the value of the underlying reference measure at a specified time, and no physical delivery of any asset occurs. In market terminology, a party who purchases a futures contract is long in the market and a party who sells a futures contract is short in the market. The Fund intends to typically enter into Listed Futures Contracts as the “buyer.” Obligations under a futures contract may generally be satisfied by settlement in cash at expiration or by making an offsetting sale or purchase of an identical contract before the settlement date. The difference between the price at which a contract is purchased or sold and the price paid or received for the offsetting transaction, after allowance for brokerage commissions, constitutes the profit or loss to the trader.

Swap Agreements

The Fund may obtain exposure to Team Performance through Swap Agreements. Swap agreements are derivative contracts entered into primarily with major global financial institutions for a specified period. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of a reference asset or benchmark. The Fund’s Swap Agreements may reference Team Performance, a measure of Team Performance such as the Reference Index, or Listed Futures Contracts. Swap agreements may be negotiated bilaterally and traded over-the-counter or, for certain standardized swaps, executed on a swap execution facility and cleared through a DCO. Generally, any such Swap Agreement is expected to be subject to daily collateral and exposure adjustments. The Fund’s use of Swap Agreements is subject to the qualifying-income considerations described under “Dividends, Distributions, and Taxes.”

Roll Strategy and the Seasonal Reset

The Fund intends to exit its Listed Futures Contracts as they near expiration and replace them with contracts having a later expiration date. This process is referred to as “rolling.” Futures holdings will not be rolled on a predetermined schedule.

The Reference Index resets to its standardized base value of 7,500 prior to the start of each NHL season. As a result, contracts that settle after the reset reference a different index cycle than contracts that settle before the reset, and the relationship between the prices of such contracts reflects, among other things, expectations for the team’s performance in the upcoming season rather than a continuation of the prior season’s index level. [When the Fund rolls from a contract referencing one season into a contract referencing the following season, the Fund’s net asset value will not experience a discontinuity solely by reason of the reset; however, the Fund’s returns across seasons will reflect the pricing relationship between the expiring and newly purchased contracts rather than season-over-season changes in the level of the Reference Index, which is reinitialized to its base value at the start of each season and therefore does not itself provide season-over-season continuity.] [During the NHL off-season, the Reference Index continues to be published and is reset to the 7,500 base value on the calculation day falling 32 calendar days after the last game of the Stanley Cup Final. During the offseason, Team Performance Investments may exhibit limited price movement and reduced trading activity; the Fund will continue to hold Collateral Investments and, to the extent listed and available, Team Performance Investments referencing the following season, during such periods.]

At times, futures contracts with a longer term to expiration may be priced higher than contracts with a shorter term to expiration, a relationship called “contango.” When rolling contracts that are in contango, the Fund will close its long position by selling the shorter-term contract at a relatively lower price and buying a longer-dated contract at a relatively higher price. The presence of contango will adversely affect the performance of the Fund and could result in a negative yield for the Fund. Conversely, contracts with a longer term to expiration may be priced lower than contracts with a shorter term to expiration, a relationship called “backwardation.” When rolling long contracts that are in backwardation, the Fund will close its long position by selling the shorter-term contract at a relatively higher price and buying a longer-dated contract at a relatively lower price. The presence of backwardation may positively affect the performance of the Fund. The term structure of a futures market referencing a seasonally resetting performance measure has no operating history, and the prevalence of contango or backwardation cannot be predicted.

The Subsidiary

The Fund expects to invest in Team Performance Investments primarily indirectly through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to Team Performance Investments within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in certain futures contracts and other investments that do not generate qualifying income for tax purposes. The Subsidiary, which is also managed by the Adviser, has the same investment objective as the Fund, but it may invest in Team Performance Investments to a greater extent than the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Because the Fund intends to elect to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the size of the Fund’s investment in the Subsidiary generally will be limited to 25% of the Fund’s total assets, tested at the end of each fiscal quarter.

Position Limits and Exposure Management

The Adviser may determine to modify the extent of the Fund’s exposure to Team Performance in response to extreme market conditions, as determined in the sole discretion of the Adviser, and to avoid exceeding any position limits or position accountability levels applicable to Team Performance Investments established by a DCM or the CFTC. These limits may hinder the Fund’s ability to enter into the desired amount of Team Performance Investments at times. Because instruments referencing sports performance are newly developed with no trading history, the Fund may represent a significant portion of the open interest in such instruments, particularly during the Fund’s early operations, and applicable position limits or accountability levels may constrain the Fund’s ability to achieve its target exposure at asset levels materially lower than would be the case for an established futures market. Any determination to modify the Fund’s exposure may cause the Fund to liquidate holdings at disadvantageous times or prices, potentially subjecting the Fund to substantial losses, and prevent the Fund from achieving its investment objective.

Collateral Investments and Other Investments

The Fund will also invest in Collateral Investments. The Collateral Investments may consist of: (i) U.S. Government securities, such as bills, notes, and bonds issued by the U.S. Treasury; (ii) money market funds; and/or (iii) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or determined by the Adviser to be of comparable quality. Such Collateral Investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund’s Team Performance Investments.

In order to help the Fund maintain its desired level of exposure to Team Performance, maintain its tax status as a RIC on days in and around quarter-end, help the Fund maintain its desired exposure when it is approaching or has exceeded position limits or accountability levels, or because of liquidity or other constraints, the Fund may also invest in reverse repurchase agreement transactions and, to the extent they are developed, exchange-traded products providing exposure to Team Performance (together, “Other Investments”).

The Fund may, but is not required to, take defensive actions to limit losses or prevent the Fund’s NAV from going to or below zero during periods of extreme volatility. Such defensive actions may include entering into offsetting positions or otherwise hedging the Fund’s exposure to Team Performance through the use of derivatives, including exchange-traded or over-the-counter (“OTC”) swaps, options or swaptions contracts, or investing a greater portion of the Fund’s assets in non-Team Performance Investments, such as cash and cash equivalents. However, because the Fund employs leverage and may be subject to unscheduled rebalancing, these measures may magnify losses or cause the Fund to realize losses already incurred. Taking defensive actions will also cause the Fund’s performance to deviate from the target multiple of the daily return of the Reference Index and as a result, may cause the Fund to not achieve its investment objective. In addition, such defensive positioning may not prevent substantial or total loss of value. The Fund may engage in defensive investing for brief or extended periods depending on market conditions and other factors considered by the Adviser.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund will not concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. The Fund, however, will invest more than 25% of its total assets in investments that provide exposure to Team Performance.

Principal Investment Risks

The value of an investment in the Fund could decline significantly and without warning, including to $0. You should be prepared for the possibility of losing your entire investment. The performance of Team Performance Investments, and therefore the performance of the Fund, may differ significantly from the performance of the Reference Index.

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and/or ability to meet its investment objective.

As with any investment, there is a risk that you could lose all or a portion of your money invested in the Fund. The Fund may not achieve its investment objective or achieve its targeted exposure to the return of the Reference Index. The Fund presents risks not traditionally associated with other mutual funds and ETFs. For example, due to the Fund’s daily leveraged investment strategy, a small adverse move in the Reference Index level will result in larger and potentially substantial declines in the Fund. The following risks could affect the value of your investment in the Fund:

The Fund may have difficulty effectuating its daily leveraged investment strategy 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, illiquidity, or high volatility in the markets for the securities or financial instruments in which the Fund invests. 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 Reference Index. These factors could decrease the correlation between the performance of the Fund and the Reference Index and may hinder the Fund’s ability to effectuate its daily leveraged investment strategy on or around that day.

Options are often used to manage or hedge risk because they enable an investor to buy or sell an asset in the future at an agreed-upon price. Options used by the Fund to reduce volatility may not perform as intended and may not fully protect the Fund against declines in the value of its portfolio investments. Options also are used for other reasons, such as to manage exposure to changes in interest rates and bond prices; as an efficient means of adjusting overall exposure to certain markets; in an effort to enhance income; to protect the value of portfolio securities or other instruments; and to adjust portfolio duration.

Options are subject to correlation risk. The writing and purchasing of options are highly specialized activities as the successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or its Adviser, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to liquidity risk. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, the Fund is exposed to the risk that buying and selling put and call options can be more speculative than investing directly in securities.

Purchasing put options may result in the Fund’s loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund’s ability to mitigate losses in the event of a market decline will be reduced.

The effect of compounding becomes more pronounced as Reference Index volatility and the holding period increase. 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 Reference Index during shareholder’s holding period.

The chart below provides examples of how Reference Index volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance: Reference Index volatility and Reference Index return. Reference Index returns show the percentage change in the value of the Reference Index over the specified time period, while Reference Index volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Reference Index return over two equal time periods is identical, different Reference Index volatility (i.e., fluctuations in the rates of return) during the two time periods could result in drastically different Fund performance for the two time periods due to the effects of compounding daily returns during the time periods.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Reference Index volatility; b) Reference Index performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart below illustrates the impact of two principal factors – Reference Index volatility and Reference Index performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Reference Index volatility and Reference Index performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities included in the Reference Index; (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. The illustrations also assume the Fund maintains exposure equal to 200% of its net assets at all times; to the extent the Fund’s actual exposure is lower, the effects illustrated would be correspondingly reduced. Particularly during periods of higher Reference Index volatility, compounding will cause results for periods longer than a trading day to vary from two times (2x) the performance of the Reference Index.

As shown in the chart below, the Fund would be expected to lose 6.1% if the Reference Index provided no return over a one year period during which the Reference Index 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 Reference Index’s return is flat. For instance, if the Reference Index’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index 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 two times (2x) the performance of the Reference Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (2x) the performance of the Reference Index. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Index Correlation/Tracking Risk” above.

For information regarding the effects of volatility and Reference Index performance on the long-term performance of the Fund, see “Additional Information About the Funds’ Investment Strategies” in the Fund’s statutory prospectus, and “Special Note Regarding the Correlation Risks of the Fund” in the Fund’s Statement of Additional Information.

If there is a significant intra-day market event, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses.

Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee on creation unit transactions, change its investment objective, reduce its leverage or close.

The CFTC has recently proposed amendments to its rules concerning event contracts, commonly referred to as prediction markets, to specify which contracts may be determined contrary to the public interest and therefore may not be listed for trading or accepted for clearing on or through a CFTC-regulated entity. The CFTC or the listing exchange could, at any time and without advance notice, impose new conditions, margin or position-limit requirements, reporting obligations, trading halts, settlement adjustments, or delisting actions. Any such changes could, among other things; (i) impair the Fund’s ability to establish, maintain, or close positions; (ii) require the Fund to liquidate positions at disadvantageous prices; (iii) alter the economic characteristics on which the Fund relies; or (iv) render the Fund’s principal investment strategy impractical. In addition, future legislative, judicial, or administrative developments could retroactively affect the permissibility, settlement mechanics, or availability of Listed Futures Contracts. These developments may occur abruptly and may not provide mechanisms for investor recourse or for the orderly unwind of positions. There can be no assurance that the regulatory environment for sports-linked financial instruments will remain stable or favorable.

Although the underlying index will be static during this period, the prices of Listed Futures Contracts may still fluctuate based on market expectations regarding the team’s prospects for the upcoming season, including coaching changes, player trades, draft picks, free agent signings, injury recovery timelines, training camp developments, and other factors that affect the market’s assessment of the team’s likely statistical performance. However, because the index itself is not moving during the offseason, the magnitude of futures price movements may be reduced relative to the playing season, and the relationship between futures prices and the underlying index level may be less predictable. There can be no assurance that the Fund’s offseason futures holdings will appreciate in value, and the Fund may experience losses during the offseason if market sentiment regarding the team’s upcoming season deteriorates. In addition, there can be no assurance that Listed Futures Contracts will be available in sufficient volume or at favorable pricing during the offseason or at the start of a new season.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Board may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

In addition, the tax treatment of futures contracts referencing sports performance indexes is uncertain in certain respects, and the IRS could take positions — including as to the character or source of income from such contracts — that differ from the treatment expected by the Fund, which could adversely affect the Fund’s ability to qualify as a RIC or the taxation of shareholders.

Performance

Performance information for the Fund is not provided because the Fund had not commenced operations prior to the date of this Prospectus. When performance information is available, it will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Updated performance information will be available on the Fund’s website at www.leagueshares.com or by calling the Fund toll-free at [●].

Management

Investment Adviser: LeagueShares Advisors, LLC

Portfolio Managers: [●] are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio. Each has served as a portfolio manager of the Fund since its inception in [●] 2026.

Purchase and Sale of Shares

The Fund issues and redeems Shares at NAV only in large blocks of 10,000 Shares known as “Creation Units,” which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a designated amount of cash and/or a portfolio of securities and/or other instruments. Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the “bid” price) and the lowest price a seller is willing to accept for Shares (the “ask” price) when buying or selling Shares in the secondary market. Recent information regarding the Fund’s NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund’s website at [www.leagueshares.com].

Tax Information

The Fund’s distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an individual retirement account (“IRA”) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information.

LEAGUESHARES LEVERAGED CHICAGO BLACKHAWKS^® ETF – FUND SUMMARY

Important Information About the Fund

The investment objective of the LeagueShares Leveraged Chicago Blackhawks^® ETF (the “Fund”) is total return. The Fund intends to achieve its investment objective primarily by seeking daily investment results, before fees and expenses, that target up to two times (2x) the daily return of the CME FSPI NHL Chicago Blackhawks Index (the “Reference Index”) for a single day, not for any other period. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. Eastern Time. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Reference Index for the same period. For periods longer than a single day, the Fund will lose money if the Reference Index’s performance is flat, and it is possible that the Fund will lose money even if the level of the Reference Index rises. Longer holding periods, higher Reference Index volatility, and greater leveraged exposure each exacerbate the impact of compounding on an investor’s returns. During periods of higher Reference Index volatility, the volatility of the Reference Index may affect the Fund’s return as much as or more than the return of the Reference Index.

The Fund does not intend to seek daily exposure to the Reference Index in excess of 200% of the Fund’s net assets; however, the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets, and potentially significantly less than 200%. The Fund’s exposure to the return of the Reference Index on a given day is at the sole discretion of the Fund’s investment adviser.

The Fund presents different risks than other types of funds. The Fund uses leverage and is riskier than similarly benchmarked funds that do not use leverage. The Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (up to 2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full principal value of their investment within a single day.

Investment Objective

The LeagueShares Leveraged Chicago Blackhawks^® ETF (the “Fund”) seeks total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that 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.

(1) Estimated for the Fund’s initial fiscal year.

(2) LeagueShares Advisors, LLC (the “Adviser”), the Fund’s investment adviser, also serves as the investment adviser to the Subsidiary (defined below), and provides the Subsidiary with the same type of management services, under essentially the same terms, as it provides the Fund. The Adviser has agreed to waive the management fee of [  ]% to be paid by the Subsidiary. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and at least through [  ], 2027. This waiver may be terminated only with the approval of the Subsidiary’s Board of Directors.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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 Shares are held in a taxable account. These costs, which are not reflected in the Total 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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by providing investors with daily leveraged (up to approximately 2x) exposure to the CME FSPI NHL Chicago Blackhawks Index (the “Reference Index”), which is a measure of the on-ice competitive performance of the Chicago Blackhawks, a professional hockey franchise and member club of the National Hockey League (the “NHL”) (such performance, “Team Performance”).

The Fund seeks to achieve its investment objective primarily by investing in: (i) futures contracts that provide exposure to the Reference Index or other indexes measuring Team Performance and that trade on an exchange registered with the Commodity Futures Trading Commission (“CFTC”) as a designated contract market (a “DCM”) (such contracts, “Listed Futures Contracts”); (ii) swap agreements and other derivative instruments that provide exposure to the Reference Index or other indexes measuring Team Performance (“Swap Agreements,” and together with Listed Futures Contracts, “Team Performance Investments”); and (iii) cash, cash equivalents, or high-quality securities that serve as collateral for the Fund’s Team Performance Investments (“Collateral Investments”). Listed Futures Contracts are expected to be cash settled; neither the Fund nor any counterparty is expected to make or take delivery of any underlying asset.

The Fund is not limited to the instruments of any particular exchange, sponsor, or reference measure. The Fund may invest in Listed Futures Contracts of any expiration date traded on any DCM. As the market for instruments referencing sports performance develops, additional contracts may be listed by other exchanges, and additional sponsors may develop competing measures of Team Performance. The Fund may invest in any such instruments that the Adviser determines provide appropriate exposure to Team Performance, and the Fund’s investments may shift among instruments, exchanges, or reference measures over time. The Adviser may consider the following factors, among others, in selecting among available instruments: liquidity and depth of market; transaction, clearing, and financing costs; margin requirements; contract terms and settlement mechanics; position limits and position accountability levels; the creditworthiness and operational capabilities of the Fund’s futures commission merchants (“FCMs”), clearing organizations, and swap counterparties; and prevailing market conditions.

The Fund is actively managed and does not seek to track or replicate the performance of any index over any period. The Fund’s exposure to the Reference Index on a given day is at the sole discretion of the Adviser. The Fund seeks daily exposure to the Reference Index of up to 200% of the Fund’s net assets (approximately two times, or 2x), and does not intend to exceed that level; the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets. To maintain approximately 2x exposure, the Fund expects to rebalance its Team Performance Investments daily — increasing exposure following days on which the value of its positions rises and reducing exposure following days on which it falls — so that leverage applies to each day’s starting net assets rather than to a shareholder’s original investment. Because of daily rebalancing and compounding, the Fund’s return over any period longer than a single day will very likely differ, in amount and possibly in direction, from two times the change in level of the Reference Index over that period.

The Fund may not be able to obtain the desired level of exposure to the Reference Index. The amount of exposure the Fund is able to obtain depends on the following factors, among others: the availability, listing status, and liquidity of Team Performance Investments; position limits or position accountability levels established by a DCM or the CFTC; regulatory limits on leverage risk; volatility in, or a disruption to, the market for Team Performance Investments; the willingness of counterparties to enter into Swap Agreements referencing the Reference Index; and margin or other requirements imposed by the Fund’s FCMs, a DCM, the CFTC, or other regulators. Because instruments referencing sports performance are newly developed and have no trading history, these constraints may be more significant for the Fund than for a fund investing in an established futures market. There can be no assurance that the Fund will be able to achieve or maintain its target exposure.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Team Performance Investments and other investments that provide exposure to Team Performance or have economic characteristics that are substantially similar to such exposure. For purposes of compliance with this investment policy, derivative contracts (i.e., swap agreements and futures contracts) will be valued at their notional value.

The Chicago Blackhawks are a professional ice hockey team competing in the NHL, based in Chicago, Illinois, and playing home games at United Center. Founded in 1926, the franchise has won six Stanley Cup championships, most recently in 2015. The Chicago Blackhawks finished the 2025–26 season with a 29-39-14 record (72 points), placing eighth in the Central Division and missing the playoffs. The NHL season generally runs from October through April, with postseason play continuing through June. The team’s statistical performance data used by the Reference Index is produced and published by the NHL as official league statistics. The Reference Index is published under the symbol NHLCHI and closed the 2025–26 season at approximately 5,054, or approximately 33% below the base value.

An investment in the Fund is not an investment in the Chicago Blackhawks, the NHL, or FutureSports, and does not convey any ownership, revenue participation, ticket, licensing, or other rights with respect to any of them. Shareholders have no recourse against the team, the league, or the Index Sponsor for actions that adversely affect the Reference Index or the Fund.

Unlike many other futures-based exchange-traded products, the Fund will not issue its shareholders a Schedule K-1 for tax reporting purposes, which can increase the complexity of a shareholder’s tax reporting. Instead, the Fund is designed to be taxed as a conventional mutual fund and will issue a Form 1099 to its shareholders for tax reporting purposes. A consequence of the Fund’s tax status is that it generally is limited to obtaining its exposure to Team Performance Investments through the Subsidiary, which is defined and described below.

Instruments Currently Expected to Be Available

As of the date of this Prospectus, [Chicago Mercantile Exchange Inc. (the “CME”)] lists cash-settled futures contracts referencing the Reference Index. Those contracts are listed in [monthly (micro and institutional sizes), weekly (micro size only, NHL), and annual serial aligned to season end,] and settle in cash by reference to the level of the Reference Index.

The Reference Index is part of a family of rules-based reference benchmarks known as the CME FutureSports Performance Indexes (FSPI) and administered by FutureSports (the “Index Sponsor”) that measure cumulative NHL team performance over the course of each season by systematically aggregating officially reported league statistics—such as goals, shots, saves, hits, and takeaways—and applying predetermined multipliers to translate those statistics into a numerical index value. Each team’s index starts at a base level of 7,500 at the beginning of a season and moves up or down as positive constituents (e.g., goals scored, shutouts) add points and negative constituents (e.g., goals allowed, penalties) subtract points, updating in real time while games are being played, throughout the NHL regular season and postseason. The methodology is designed to be independent of binary win/loss outcomes, instead capturing the breadth of on-ice statistical performance, and it aligns with the IOSCO Principles for Financial Benchmarks. The indexes rely exclusively on official NHL data, are not investable assets themselves, and may be referenced by separate financial instruments or contracts.

The Fund does not track, license, or seek to replicate the Reference Index. The Reference Index is relevant to the Fund only because it is expected to determine the settlement value of certain of the instruments in which the Fund invests. Neither the Fund nor the Adviser is affiliated with, or licensed or sponsored by, the Index Sponsor, any exchange, the NHL, or the Chicago Blackhawks hockey club.

Listed Futures Contracts

Futures contracts are agreements between two parties that are executed on a DCM and that are cleared and margined through a derivatives clearing organization (a “DCO”). In a cash-settled futures contract, one party agrees to pay, and the other to receive, at settlement, cash in an amount determined by reference to the value of the underlying reference measure at a specified time, and no physical delivery of any asset occurs. In market terminology, a party who purchases a futures contract is long in the market and a party who sells a futures contract is short in the market. The Fund intends to typically enter into Listed Futures Contracts as the “buyer.” Obligations under a futures contract may generally be satisfied by settlement in cash at expiration or by making an offsetting sale or purchase of an identical contract before the settlement date. The difference between the price at which a contract is purchased or sold and the price paid or received for the offsetting transaction, after allowance for brokerage commissions, constitutes the profit or loss to the trader.

Swap Agreements

The Fund may obtain exposure to Team Performance through Swap Agreements. Swap agreements are derivative contracts entered into primarily with major global financial institutions for a specified period. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of a reference asset or benchmark. The Fund’s Swap Agreements may reference Team Performance, a measure of Team Performance such as the Reference Index, or Listed Futures Contracts. Swap agreements may be negotiated bilaterally and traded over-the-counter or, for certain standardized swaps, executed on a swap execution facility and cleared through a DCO. Generally, any such Swap Agreement is expected to be subject to daily collateral and exposure adjustments. The Fund’s use of Swap Agreements is subject to the qualifying-income considerations described under “Dividends, Distributions, and Taxes.”

Roll Strategy and the Seasonal Reset

The Fund intends to exit its Listed Futures Contracts as they near expiration and replace them with contracts having a later expiration date. This process is referred to as “rolling.” Futures holdings will not be rolled on a predetermined schedule.

The Reference Index resets to its standardized base value of 7,500 prior to the start of each NHL season. As a result, contracts that settle after the reset reference a different index cycle than contracts that settle before the reset, and the relationship between the prices of such contracts reflects, among other things, expectations for the team’s performance in the upcoming season rather than a continuation of the prior season’s index level. [When the Fund rolls from a contract referencing one season into a contract referencing the following season, the Fund’s net asset value will not experience a discontinuity solely by reason of the reset; however, the Fund’s returns across seasons will reflect the pricing relationship between the expiring and newly purchased contracts rather than season-over-season changes in the level of the Reference Index, which is reinitialized to its base value at the start of each season and therefore does not itself provide season-over-season continuity.] [During the NHL off-season, the Reference Index continues to be published and is reset to the 7,500 base value on the calculation day falling 32 calendar days after the last game of the Stanley Cup Final. During the offseason, Team Performance Investments may exhibit limited price movement and reduced trading activity; the Fund will continue to hold Collateral Investments and, to the extent listed and available, Team Performance Investments referencing the following season, during such periods.]

At times, futures contracts with a longer term to expiration may be priced higher than contracts with a shorter term to expiration, a relationship called “contango.” When rolling contracts that are in contango, the Fund will close its long position by selling the shorter-term contract at a relatively lower price and buying a longer-dated contract at a relatively higher price. The presence of contango will adversely affect the performance of the Fund and could result in a negative yield for the Fund. Conversely, contracts with a longer term to expiration may be priced lower than contracts with a shorter term to expiration, a relationship called “backwardation.” When rolling long contracts that are in backwardation, the Fund will close its long position by selling the shorter-term contract at a relatively higher price and buying a longer-dated contract at a relatively lower price. The presence of backwardation may positively affect the performance of the Fund. The term structure of a futures market referencing a seasonally resetting performance measure has no operating history, and the prevalence of contango or backwardation cannot be predicted.

The Subsidiary

The Fund expects to invest in Team Performance Investments primarily indirectly through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to Team Performance Investments within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in certain futures contracts and other investments that do not generate qualifying income for tax purposes. The Subsidiary, which is also managed by the Adviser, has the same investment objective as the Fund, but it may invest in Team Performance Investments to a greater extent than the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Because the Fund intends to elect to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the size of the Fund’s investment in the Subsidiary generally will be limited to 25% of the Fund’s total assets, tested at the end of each fiscal quarter.

Position Limits and Exposure Management

The Adviser may determine to modify the extent of the Fund’s exposure to Team Performance in response to extreme market conditions, as determined in the sole discretion of the Adviser, and to avoid exceeding any position limits or position accountability levels applicable to Team Performance Investments established by a DCM or the CFTC. These limits may hinder the Fund’s ability to enter into the desired amount of Team Performance Investments at times. Because instruments referencing sports performance are newly developed with no trading history, the Fund may represent a significant portion of the open interest in such instruments, particularly during the Fund’s early operations, and applicable position limits or accountability levels may constrain the Fund’s ability to achieve its target exposure at asset levels materially lower than would be the case for an established futures market. Any determination to modify the Fund’s exposure may cause the Fund to liquidate holdings at disadvantageous times or prices, potentially subjecting the Fund to substantial losses, and prevent the Fund from achieving its investment objective.

Collateral Investments and Other Investments

The Fund will also invest in Collateral Investments. The Collateral Investments may consist of: (i) U.S. Government securities, such as bills, notes, and bonds issued by the U.S. Treasury; (ii) money market funds; and/or (iii) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or determined by the Adviser to be of comparable quality. Such Collateral Investments are designed to provide liquidity, serve as margin, or otherwise collateralize the Fund’s Team Performance Investments.

In order to help the Fund maintain its desired level of exposure to Team Performance, maintain its tax status as a RIC on days in and around quarter-end, help the Fund maintain its desired exposure when it is approaching or has exceeded position limits or accountability levels, or because of liquidity or other constraints, the Fund may also invest in reverse repurchase agreement transactions and, to the extent they are developed, exchange-traded products providing exposure to Team Performance (together, “Other Investments”).

The Fund may, but is not required to, take defensive actions to limit losses or prevent the Fund’s NAV from going to or below zero during periods of extreme volatility. Such defensive actions may include entering into offsetting positions or otherwise hedging the Fund’s exposure to Team Performance through the use of derivatives, including exchange-traded or over-the-counter (“OTC”) swaps, options or swaptions contracts, or investing a greater portion of the Fund’s assets in non-Team Performance Investments, such as cash and cash equivalents. However, because the Fund employs leverage and may be subject to unscheduled rebalancing, these measures may magnify losses or cause the Fund to realize losses already incurred. Taking defensive actions will also cause the Fund’s performance to deviate from the target multiple of the daily return of the Reference Index and as a result, may cause the Fund to not achieve its investment objective. In addition, such defensive positioning may not prevent substantial or total loss of value. The Fund may engage in defensive investing for brief or extended periods depending on market conditions and other factors considered by the Adviser.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) and, therefore, may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund will not concentrate its investments (i.e., hold more than 25% of its total assets) in any industry or group of related industries. The Fund, however, will invest more than 25% of its total assets in investments that provide exposure to Team Performance.

Principal Investment Risks

The value of an investment in the Fund could decline significantly and without warning, including to $0. You should be prepared for the possibility of losing your entire investment. The performance of Team Performance Investments, and therefore the performance of the Fund, may differ significantly from the performance of the Reference Index.

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value (“NAV”), trading price, yield, total return and/or ability to meet its investment objective.

As with any investment, there is a risk that you could lose all or a portion of your money invested in the Fund. The Fund may not achieve its investment objective or achieve its targeted exposure to the return of the Reference Index. The Fund presents risks not traditionally associated with other mutual funds and ETFs. For example, due to the Fund’s daily leveraged investment strategy, a small adverse move in the Reference Index level will result in larger and potentially substantial declines in the Fund. The following risks could affect the value of your investment in the Fund:

The Fund may have difficulty effectuating its daily leveraged investment strategy 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, illiquidity, or high volatility in the markets for the securities or financial instruments in which the Fund invests. 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 Reference Index. These factors could decrease the correlation between the performance of the Fund and the Reference Index and may hinder the Fund’s ability to effectuate its daily leveraged investment strategy on or around that day.

Options are often used to manage or hedge risk because they enable an investor to buy or sell an asset in the future at an agreed-upon price. Options used by the Fund to reduce volatility may not perform as intended and may not fully protect the Fund against declines in the value of its portfolio investments. Options also are used for other reasons, such as to manage exposure to changes in interest rates and bond prices; as an efficient means of adjusting overall exposure to certain markets; in an effort to enhance income; to protect the value of portfolio securities or other instruments; and to adjust portfolio duration.

Options are subject to correlation risk. The writing and purchasing of options are highly specialized activities as the successful use of options depends on the Adviser’s ability to predict correctly future price fluctuations and the degree of correlation between the markets for options and the underlying instruments. Exchanges can limit the number of positions that can be held or controlled by the Fund or its Adviser, thus limiting the ability to implement the Fund’s strategies. Options also are particularly subject to leverage risk and can be subject to liquidity risk. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, the Fund is exposed to the risk that buying and selling put and call options can be more speculative than investing directly in securities.

Purchasing put options may result in the Fund’s loss of premiums paid in the event that the put options expire unexercised. To the extent that the Fund reduces its put option holdings relative to the number of call options sold by the Fund, the Fund’s ability to mitigate losses in the event of a market decline will be reduced.

The effect of compounding becomes more pronounced as Reference Index volatility and the holding period increase. 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 Reference Index during shareholder’s holding period.

The chart below provides examples of how Reference Index volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance: Reference Index volatility and Reference Index return. Reference Index returns show the percentage change in the value of the Reference Index over the specified time period, while Reference Index volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Reference Index return over two equal time periods is identical, different Reference Index volatility (i.e., fluctuations in the rates of return) during the two time periods could result in drastically different Fund performance for the two time periods due to the effects of compounding daily returns during the time periods.

Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Reference Index volatility; b) Reference Index performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart below illustrates the impact of two principal factors – Reference Index volatility and Reference Index performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Reference Index volatility and Reference Index performance over a one-year period. Performance shown in the chart assumes that: (i) no dividends were paid with respect to the securities included in the Reference Index; (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. The illustrations also assume the Fund maintains exposure equal to 200% of its net assets at all times; to the extent the Fund’s actual exposure is lower, the effects illustrated would be correspondingly reduced. Particularly during periods of higher Reference Index volatility, compounding will cause results for periods longer than a trading day to vary from two times (2x) the performance of the Reference Index.

As shown in the chart below, the Fund would be expected to lose 6.1% if the Reference Index provided no return over a one year period during which the Reference Index 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 Reference Index’s return is flat. For instance, if the Reference Index’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Index 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 two times (2x) the performance of the Reference Index and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (2x) the performance of the Reference Index. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Daily Index Correlation/Tracking Risk” above.

For information regarding the effects of volatility and Reference Index performance on the long-term performance of the Fund, see “Additional Information About the Funds’ Investment Strategies” in the Fund’s statutory prospectus, and “Special Note Regarding the Correlation Risks of the Fund” in the Fund’s Statement of Additional Information.

If there is a significant intra-day market event, the Fund may not meet its investment objective or rebalance its portfolio appropriately. Additionally, the Fund may close to purchases and sales of Shares prior to the close of regular trading on the Exchange and incur significant losses.

Under market circumstances that cause leverage to be expensive or unavailable, the Fund may increase its transaction fee on creation unit transactions, change its investment objective, reduce its leverage or close.

The CFTC has recently proposed amendments to its rules concerning event contracts, commonly referred to as prediction markets, to specify which contracts may be determined contrary to the public interest and therefore may not be listed for trading or accepted for clearing on or through a CFTC-regulated entity. The CFTC or the listing exchange could, at any time and without advance notice, impose new conditions, margin or position-limit requirements, reporting obligations, trading halts, settlement adjustments, or delisting actions. Any such changes could, among other things; (i) impair the Fund’s ability to establish, maintain, or close positions; (ii) require the Fund to liquidate positions at disadvantageous prices; (iii) alter the economic characteristics on which the Fund relies; or (iv) render the Fund’s principal investment strategy impractical. In addition, future legislative, judicial, or administrative developments could retroactively affect the permissibility, settlement mechanics, or availability of Listed Futures Contracts. These developments may occur abruptly and may not provide mechanisms for investor recourse or for the orderly unwind of positions. There can be no assurance that the regulatory environment for sports-linked financial instruments will remain stable or favorable.

Although the underlying index will be static during this period, the prices of Listed Futures Contracts may still fluctuate based on market expectations regarding the team’s prospects for the upcoming season, including coaching changes, player trades, draft picks, free agent signings, injury recovery timelines, training camp developments, and other factors that affect the market’s assessment of the team’s likely statistical performance. However, because the index itself is not moving during the offseason, the magnitude of futures price movements may be reduced relative to the playing season, and the relationship between futures prices and the underlying index level may be less predictable. There can be no assurance that the Fund’s offseason futures holdings will appreciate in value, and the Fund may experience losses during the offseason if market sentiment regarding the team’s upcoming season deteriorates. In addition, there can be no assurance that Listed Futures Contracts will be available in sufficient volume or at favorable pricing during the offseason or at the start of a new season.

If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund’s taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. In such event, in order to re-qualify for taxation as a RIC, the Fund might be required to recognize unrealized gains, pay substantial taxes and interest and make certain distributions. This would cause investors to incur higher tax liabilities than they otherwise would have incurred and would have a negative impact on Fund returns. In such event, the Board may determine to reorganize or close the Fund or materially change the Fund’s investment objective and strategies. In the event that the Fund fails to qualify as a RIC, the Fund will promptly notify shareholders of the implications of that failure.

In addition, the tax treatment of futures contracts referencing sports performance indexes is uncertain in certain respects, and the IRS could take positions — including as to the character or source of income from such contracts — that differ from the treatment expected by the Fund, which could adversely affect the Fund’s ability to qualify as a RIC or the taxation of shareholders.

Performance

Performance information for the Fund is not provided because the Fund had not commenced operations prior to the date of this Prospectus. When performance information is available, it will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Updated performance information will be available on the Fund’s website at www.leagueshares.com or by calling the Fund toll-free at [●].

Management

Investment Adviser: LeagueShares Advisors, LLC

Portfolio Managers: [●] are jointly and primarily responsible for the day-to-day management of the Fund’s portfolio. Each has served as a portfolio manager of the Fund since its inception in [●] 2026.

Purchase and Sale of Shares

The Fund issues and redeems Shares at NAV only in large blocks of 10,000 Shares known as “Creation Units,” which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a designated amount of cash and/or a portfolio of securities and/or other instruments. Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (the “bid” price) and the lowest price a seller is willing to accept for Shares (the “ask” price) when buying or selling Shares in the secondary market. Recent information regarding the Fund’s NAV, market price, how often Shares traded on the Exchange at a premium or discount, and bid-ask spreads can be found on the Fund’s website at [www.leagueshares.com].

Tax Information

The Fund’s distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an individual retirement account (“IRA”) or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information.

LEAGUESHARES LEVERAGED COLORADO AVALANCHE^® ETF – FUND SUMMARY

Important Information About the Fund

The investment objective of the LeagueShares Leveraged Colorado Avalanche^® ETF (the “Fund”) is total return. The Fund intends to achieve its investment objective primarily by seeking daily investment results, before fees and expenses, that target up to two times (2x) the daily return of the CME FSPI NHL Colorado Avalanche Index (the “Reference Index”) for a single day, not for any other period. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. Eastern Time. The return of the Fund for periods longer than a single day will be the result of its return for each day compounded over the period. The Fund’s returns for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Reference Index for the same period. For periods longer than a single day, the Fund will lose money if the Reference Index’s performance is flat, and it is possible that the Fund will lose money even if the level of the Reference Index rises. Longer holding periods, higher Reference Index volatility, and greater leveraged exposure each exacerbate the impact of compounding on an investor’s returns. During periods of higher Reference Index volatility, the volatility of the Reference Index may affect the Fund’s return as much as or more than the return of the Reference Index.

The Fund does not intend to seek daily exposure to the Reference Index in excess of 200% of the Fund’s net assets; however, the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets, and potentially significantly less than 200%. The Fund’s exposure to the return of the Reference Index on a given day is at the sole discretion of the Fund’s investment adviser.

The Fund presents different risks than other types of funds. The Fund uses leverage and is riskier than similarly benchmarked funds that do not use leverage. The Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (up to 2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full principal value of their investment within a single day.

Investment Objective 

The LeagueShares Leveraged Colorado Avalanche^® ETF (the “Fund”) seeks total return.

Fees and Expenses of the Fund

This table describes the fees and expenses that 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.

(1) Estimated for the Fund’s initial fiscal year.

(2) LeagueShares Advisors, LLC (the “Adviser”), the Fund’s investment adviser, also serves as the investment adviser to the Subsidiary (defined below), and provides the Subsidiary with the same type of management services, under essentially the same terms, as it provides the Fund. The Adviser has agreed to waive the management fee of [ ]% to be paid by the Subsidiary. This waiver will continue in effect for so long as the Fund invests in the Subsidiary, and at least through [ ], 2027. This waiver may be terminated only with the approval of the Subsidiary’s Board of Directors.

Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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 Shares are held in a taxable account. These costs, which are not reflected in the Total 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

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by providing investors with daily leveraged (up to approximately 2x) exposure to the CME FSPI NHL Colorado Avalanche Index (the “Reference Index”), which is a measure of the on-ice competitive performance of the Colorado Avalanche, a professional hockey franchise and member club of the National Hockey League (the “NHL”) (such performance, “Team Performance”).

The Fund seeks to achieve its investment objective primarily by investing in: (i) futures contracts that provide exposure to the Reference Index or other indexes measuring Team Performance and that trade on an exchange registered with the Commodity Futures Trading Commission (“CFTC”) as a designated contract market (a “DCM”) (such contracts, “Listed Futures Contracts”); (ii) swap agreements and other derivative instruments that provide exposure to the Reference Index or other indexes measuring Team Performance (“Swap Agreements,” and together with Listed Futures Contracts, “Team Performance Investments”); and (iii) cash, cash equivalents, or high-quality securities that serve as collateral for the Fund’s Team Performance Investments (“Collateral Investments”). Listed Futures Contracts are expected to be cash settled; neither the Fund nor any counterparty is expected to make or take delivery of any underlying asset.

The Fund is not limited to the instruments of any particular exchange, sponsor, or reference measure. The Fund may invest in Listed Futures Contracts of any expiration date traded on any DCM. As the market for instruments referencing sports performance develops, additional contracts may be listed by other exchanges, and additional sponsors may develop competing measures of Team Performance. The Fund may invest in any such instruments that the Adviser determines provide appropriate exposure to Team Performance, and the Fund’s investments may shift among instruments, exchanges, or reference measures over time. The Adviser may consider the following factors, among others, in selecting among available instruments: liquidity and depth of market; transaction, clearing, and financing costs; margin requirements; contract terms and settlement mechanics; position limits and position accountability levels; the creditworthiness and operational capabilities of the Fund’s futures commission merchants (“FCMs”), clearing organizations, and swap counterparties; and prevailing market conditions.

The Fund is actively managed and does not seek to track or replicate the performance of any index over any period. The Fund’s exposure to the Reference Index on a given day is at the sole discretion of the Adviser. The Fund seeks daily exposure to the Reference Index of up to 200% of the Fund’s net assets (approximately two times, or 2x), and does not intend to exceed that level; the Fund’s exposure to the Reference Index may be less than 200% of the Fund’s net assets. To maintain approximately 2x exposure, the Fund expects to rebalance its Team Performance Investments daily — increasing exposure following days on which the value of its positions rises and reducing exposure following days on which it falls — so that leverage applies to each day’s starting net assets rather than to a shareholder’s original investment. Because of daily rebalancing and compounding, the Fund’s return over any period longer than a single day will very likely differ, in amount and possibly in direction, from two times the change in level of the Reference Index over that period.

The Fund may not be able to obtain the desired level of exposure to the Reference Index. The amount of exposure the Fund is able to obtain depends on the following factors, among others: the availability, listing status, and liquidity of Team Performance Investments; position limits or position accountability levels established by a DCM or the CFTC; regulatory limits on leverage risk; volatility in, or a disruption to, the market for Team Performance Investments; the willingness of counterparties to enter into Swap Agreements referencing the Reference Index; and margin or other requirements imposed by the Fund’s FCMs, a DCM, the CFTC, or other regulators. Because instruments referencing sports performance are newly developed and have no trading history, these constraints may be more significant for the Fund than for a fund investing in an established futures market. There can be no assurance that the Fund will be able to achieve or maintain its target exposure.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Team Performance Investments and other investments that provide exposure to Team Performance or have economic characteristics that are substantially similar to such exposure. For purposes of compliance with this investment policy, derivative contracts (i.e., swap agreements and futures contracts) will be valued at their notional value.

The Colorado Avalanche are a professional ice hockey team competing in the NHL, based in Denver, Colorado, and playing home games at Ball Arena. Founded in 1972 as the Quebec Nordiques and a member of the NHL since 1979, the franchise relocated to Denver in 1995 and has won three Stanley Cup championships, most recently in 2022. The Colorado Avalanche finished the 2025–26 season with a 55-16-11 record (121 points), placing first in the Central Division and qualifying for the Stanley Cup Playoffs, where the team was eliminated in the Conference Finals. The NHL season generally runs from October through April, with postseason play continuing through June. The team’s statistical performance data used by the Reference Index is produced and published by the NHL as official league statistics. The Reference Index is published under the symbol NHLCOL and closed the 2025–26 season at approximately 10,967, or approximately 46% above the base value.

An investment in the Fund is not an investment in the Colorado Avalanche, the NHL, or FutureSports, and does not convey any ownership, revenue participation, ticket, licensing, or other rights with respect to any of them. Shareholders have no recourse against the team, the league, or the Index Sponsor for actions that adversely affect the Reference Index or the Fund.

Unlike many other futures-based exchange-traded products, the Fund will not issue its shareholders a Schedule K-1 for tax reporting purposes, which can increase the complexity of a shareholder’s tax reporting. Instead, the Fund is designed to be taxed as a conventional mutual fund and will issue a Form 1099 to its shareholders for tax reporting purposes. A consequence of the Fund’s tax status is that it generally is limited to obtaining its exposure to Team Performance Investments through the Subsidiary, which is defined and described below.

Instruments Currently Expected to Be Available

As of the date of this Prospectus, [Chicago Mercantile Exchange Inc. (the “CME”)] lists cash-settled futures contracts referencing the Reference Index. Those contracts are listed in [monthly (micro and institutional sizes), weekly (micro size only, NHL), and annual serial aligned to season end,] and settle in cash by reference to the level of the Reference Index.

The Reference Index is part of a family of rules-based reference benchmarks known as the CME FutureSports Performance Indexes (FSPI) and administered by FutureSports (the “Index Sponsor”) that measure cumulative NHL team performance over the course of each season by systematically aggregating officially reported league statistics—such as goals, shots, saves, hits, and takeaways—and applying predetermined multipliers to translate those statistics into a numerical index value. Each team’s index starts at a base level of 7,500 at the beginning of a season and moves up or down as positive constituents (e.g., goals scored, shutouts) add points and negative constituents (e.g., goals allowed, penalties) subtract points, updating in real time while games are being played, throughout the NHL regular season and postseason. The methodology is designed to be independent of binary win/loss outcomes, instead capturing the breadth of on-ice statistical performance, and it aligns with the IOSCO Principles for Financial Benchmarks. The indexes rely exclusively on official NHL data, are not investable assets themselves, and may be referenced by separate financial instruments or contracts.

The Fund does not track, license, or seek to replicate the Reference Index. The Reference Index is relevant to the Fund only because it is expected to determine the settlement value of certain of the instruments in which the Fund invests. Neither the Fund nor the Adviser is affiliated with, or licensed or sponsored by, the Index Sponsor, any exchange, the NHL, or the Colorado Avalanche hockey club.

Listed Futures Contracts

Futures contracts are agreements between two parties that are executed on a DCM and that are cleared and margined through a derivatives clearing organization (a “DCO”). In a cash-settled futures contract, one party agrees to pay, and the other to receive, at settlement, cash in an amount determined by reference to the value of the underlying reference measure at a specified time, and no physical delivery of any asset occurs. In market terminology, a party who purchases a futures contract is long in the market and a party who sells a futures contract is short in the market. The Fund intends to typically enter into Listed Futures Contracts as the “buyer.” Obligations under a futures contract may generally be satisfied by settlement in cash at expiration or by making an offsetting sale or purchase of an identical contract before the settlement date. The difference between the price at which a contract is purchased or sold and the price paid or received for the offsetting transaction, after allowance for brokerage commissions, constitutes the profit or loss to the trader.

Swap Agreements

The Fund may obtain exposure to Team Performance through Swap Agreements. Swap agreements are derivative contracts entered into primarily with major global financial institutions for a specified period. In a standard swap transaction, two parties agree to exchange or “swap” payments based on the change in value of a reference asset or benchmark. The Fund’s Swap Agreements may reference Team Performance, a measure of Team Performance such as the Reference Index, or Listed Futures Contracts. Swap agreements may be negotiated bilaterally and traded over-the-counter or, for certain standardized swaps, executed on a swap execution facility and cleared through a DCO. Generally, any such Swap Agreement is expected to be subject to daily collateral and exposure adjustments. The Fund’s use of Swap Agreements is subject to the qualifying-income considerations described under “Dividends, Distributions, and Taxes.”

Roll Strategy and the Seasonal Reset