0001924868 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:UnderlyingSecurityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:MaterialsSectorRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:MetalsandMiningIndustryRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:EquitySecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:MarketCapitalizationRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:LargeCapitalizationCompaniesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:MidCapitalizationCompaniesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:SmallCapitalizationCompaniesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CommodityExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CopperRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:ExposureToRelatedMarketsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CommodityPriceRelationshipRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:FocusRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:InvestableUniverseofCompaniesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:ForeignSecuritiesRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CurrencyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CustodyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:DevelopedandEmergingMarketsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:FrontierandStandaloneMarketsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:InternationalClosedMarketTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:GeographicRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:RiskofInvestinginChileMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:RisksofInvestinginChinaMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:EconomicPoliticalandSocialRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:RegulatoryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:GovernmentControlandInterventionMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:SecurityConcernsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:HealthandPandemicRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:TradeTensionsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:VariableInterestEntityVIEStructureRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:TaxRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:DelistingRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CurrencyandEconomicPolicyRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:SecuritiesLendingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:UnderlyingSecurityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:IndirectInvestmentInRiotRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:RiotTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:RIOTPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:IndustryCompetitionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:RegulatoryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:BitcoinPriceMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:BitcoinHalvingMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:HashRateAndDifficultyMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:CapitalMarketsIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:UnderlyingSecurityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:ChinaRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:MarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:DerivativesRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:SwapsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:ForwardsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:EquitySecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:ConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:ConsumerDiscretionarySectorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:CommunicationServicesSectorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:InformationTechnologySectorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:ActiveManagementRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:CurrencyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:CustodyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:CybersecurityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:DepositaryReceiptRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:EmergingMarketsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:HongKongRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:InflationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:InternationalClosedMarketTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:IssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:LargeCapitalizationCompaniesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:LiquiditysRisks1Member 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:MoneyMarketFundsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:NewFundRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:NonUSSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:PrivatizationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:USGovernmentSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:ValuationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:VariableInterestRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:UnderlyingSecurityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:IndustryConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:InformationTechnologySectorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:SolarIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:SemiconductorsIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:EsgInvestingStrategyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:EquitySecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:GeographicConcentrationRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:RisksofInvestinginChinaMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:EconomicPoliticalandSocialRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:RegulatoryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:GovernmentControlandInterventionMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:SecurityConcernsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:HealthandPandemicRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:TradeTensionsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:VariableInterestEntityVIEStructureRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:TaxRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:DelistingRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:CurrencyandEconomicPolicyRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:CurrencyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:ForeignSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:EmergingMarketsSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:ADRandGDRRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:MarketCapitalizationRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:SmallandMidCapitalizationCompanyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:MicroCapitalizationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:AmdPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:IndirectInvestmentInAmdRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:AMDGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:APPPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:IndirectInvestmentInAppRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:APPGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:ASTSPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:IndirectInvestmentInAstsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:ASTSGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:AVGOPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:IndirectInvestmentInAvgoRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:AVGOGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:BBAIPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:IndirectInvestmentInBbaiRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:BBAIGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:BMNRPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:IndirectInvestmentInBmnrRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:BMNRGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:LiquiditysRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:CRCLPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:IndirectInvestmentInCrclRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:CRCLGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:HIMSPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:IndirectInvestmentInHimsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:HIMSGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:INTCPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:IndirectInvestmentInIntcRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:INTCGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:MRVLPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:IndirectInvestmentInMrvlRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:MRVLGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:MUPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:IndirectInvestmentInMuRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:MUGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:NVOPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:IndirectInvestmentInNvoRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:NVOGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:OSCRPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:IndirectInvestmentInOscrRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:OscrGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:SBETPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:IndirectInvestmentInSbetRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:SbetGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:EthereumPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:TSMPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:IndirectInvestmentInTsmRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:TSMGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:UNHPriceAppreciationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:IndirectInvestmentInUnhRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:UnhGoodPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:IndustryRecognitionandAnalystCoverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:ShortSaleExposureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:KeelRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:IndirectInvestmentInKeelRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:KeelTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:KeelPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:KeelBusinessRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:BitcoinMiningRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:BitcoinSupplyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:MinerCollusionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:EnergySupplyAndEnvironmentalImpactRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:GovernmentRegulatoryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:LimitedOperatingHistoryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:BitcoinBlockchainAndOtherDigitalAssetsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:SoftwareIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:ClsRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:IndirectInvestmentInClsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:ClsTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:ClsPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:ClsBusinessRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:ElectronicEquipmentInstrumentsAndComponentsIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:ArtificialIntelligenceAndDataCenterInfrastructureRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:RegulatoryAndComplianceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:HpqRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:IndirectInvestmentInHpqRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:HpqTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:HpqPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:HpqBusinessRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:TechnologyHardwareStorageAndPeripheralsIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:JmiaRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:IndirectInvestmentInJmiaRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:JmiaTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:JmiaPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:JMIABusinessRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:BroadlineRetailIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:ForeignPrivateIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:LunrRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:IndirectInvestmentInLunrRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:LunrTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:LunrPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:LunrBusinessRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:AerospaceAndDefenseIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:OndsRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:IndirectInvestmentInOndsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:OndsTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:OndsPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:OndsBusinessAndRegulatoryRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:CommunicationsEquipmentIndustryRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:PgyRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:IndirectInvestmentInPgyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:PgyTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:PgyPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:PgyBusinessRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:SoftwareIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:FintechRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:FinancialServicesIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:NewFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:PlRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:IndirectInvestmentInPlRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:PlTradingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:PlPerformanceRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:PlBusinessRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:PublicBenefitCorporationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:SatelliteCompaniesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:CommercialprofessionalServicesIndustryRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:SingleIssuerRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:CompoundingAndMarketVolatilityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:DailyCorrelationTrackingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:LeverageRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:DerivativesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:SwapAgreementsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:OptionsContractsMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:CounterpartyRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:IntradayInvestmentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:FixedIncomeSecuritiesRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:RebalancingRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:EtfRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:CashRedemptionRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:CostsOfBuyingOrSellingSharesMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:SharesMayTradeAtPricesOtherThanNavMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:TradingMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:LiquidityRisksMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:EconomicAndMarketRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:HighPortfolioTurnoverRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:TrackingErrorRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:LiquidityRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:MoneyMarketInstrumentRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:NewerFundRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member oef:RiskNondiversifiedStatusMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:TradingHaltRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:OperationalRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:USGovernmentAndUSAgencyObligationsRiskMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member defiance:TaxRiskMember 2026-08-25 2026-08-25 0001924868 defiance:C000249984Member 2026-08-25 2026-08-25 0001924868 defiance:C000249985Member 2026-08-25 2026-08-25 0001924868 defiance:C000249986Member 2026-08-25 2026-08-25 0001924868 defiance:C000249987Member 2026-08-25 2026-08-25 0001924868 defiance:C000265871Member 2026-08-25 2026-08-25 0001924868 defiance:C000265881Member 2026-08-25 2026-08-25 0001924868 defiance:C000265882Member 2026-08-25 2026-08-25 0001924868 defiance:C000265883Member 2026-08-25 2026-08-25 0001924868 defiance:C000265884Member 2026-08-25 2026-08-25 0001924868 defiance:C000265885Member 2026-08-25 2026-08-25 0001924868 defiance:C000265886Member 2026-08-25 2026-08-25 0001924868 defiance:C000265887Member 2026-08-25 2026-08-25 0001924868 defiance:C000265872Member 2026-08-25 2026-08-25 0001924868 defiance:C000265873Member 2026-08-25 2026-08-25 0001924868 defiance:C000265874Member 2026-08-25 2026-08-25 0001924868 defiance:C000265875Member 2026-08-25 2026-08-25 0001924868 defiance:C000265877Member 2026-08-25 2026-08-25 0001924868 defiance:C000265878Member 2026-08-25 2026-08-25 0001924868 defiance:C000265879Member 2026-08-25 2026-08-25 0001924868 defiance:C000265880Member 2026-08-25 2026-08-25 0001924868 defiance:C000269217Member 2026-08-25 2026-08-25 0001924868 defiance:C000269218Member 2026-08-25 2026-08-25 0001924868 defiance:C000269219Member 2026-08-25 2026-08-25 0001924868 defiance:C000269220Member 2026-08-25 2026-08-25 0001924868 defiance:C000269221Member 2026-08-25 2026-08-25 0001924868 defiance:C000269222Member 2026-08-25 2026-08-25 0001924868 defiance:C000269223Member 2026-08-25 2026-08-25 0001924868 defiance:C000269224Member 2026-08-25 2026-08-25 0001924868 defiance:S000085119Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000085120Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000085121Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000085122Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096879Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096889Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096890Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096891Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096892Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096893Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096894Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096895Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096880Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096881Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096882Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096883Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096885Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096886Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096887Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000096888Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000099441Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000099442Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000099443Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000099444Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000099445Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000099446Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000099447Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 0001924868 defiance:S000099448Member oef:RiskLoseMoneyMember 2026-08-25 2026-08-25 iso4217:USD pure false 485BPOS 0001924868 2026-08-25 N-1A TIDAL TRUST II 2026-08-27 DEFIANCE DAILY TARGET 2X LONG COPPER MINERS ETF – FUND SUMMARY           Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zr7RbTju5D04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of the Global X Copper Miners ETF (NYSE Arca: COPX). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zIbyUcWc52R8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zC6M4YkBGBU2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zZPGu17X2S38" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_988_eoef--OperatingExpensesCaption_dU_c20260825__20260825__dei--LegalEntityAxis__custom--S000085119Member_z4O1gTMkPLEb" style="border-bottom: black 1pt solid; width: 87%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zhWRWDxbHjS1">(1)</sup>  (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_494_20260825__20260825__oef--ClassAxis__custom--C000249984Member_z7bWiCCYEpUc" style="border-bottom: black 1pt solid; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zesuTs7Ex4il" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0MiKBa50t7k" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zOlE43fZSms5" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4B_zjLM0Y5AQVTb">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zxDNvca3mPS1" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F45_zx7Ym9APlhe">(3)</sup></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zP987gicA36h">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_zW4KKdN3fNDk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zFzdk1SW8xm1">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F18_zx9gPolgYpC2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000085119Member_zkzvpQ7qUEz1">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zBerqyACef9a">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F10_z3IEKu1eizIa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Annual Fund Operating Expenses(1)  (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zv5JQEjz2R5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNvmCHEWDAH"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zZGaQVX3Ozda" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zbs7wxwK0jdh" style="border-top: black 1pt solid; width: 52%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zOWdxMmEtRm7" style="border-top: black 1pt solid; width: 48%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_419_20260825__20260825__oef--ClassAxis__custom--C000249984Member_ziLTaavzAeuk" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$99</span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$309</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 99 309 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zwlKr8JEL4c9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period from February 17, 2026 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was  <span id="xdx_904_eoef--PortfolioTurnoverRate_c20260825__20260825__dei--LegalEntityAxis__custom--S000085119Member_z39LwZliBdfj">0</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_z2DOCyyddTv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions . For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000085119Member_z78U45hW5p29">The Fund has adopted a policy of having at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated (i.e., holds 25% or more of its total assets) in the same industry or group of industries in which Underlying Security concentrates. In turn, the Underlying Security concentrates its investments in a particular industry or group of industries to approximately the same extent that its index is concentrated. As of December 31, 2025, the Underlying Security’s index was concentrated in the metals and mining industry and had significant exposure to the materials sector. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">COPX</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of the Global X Copper Miners ETF (NYSE Arca: COPX). COPX’s investment objective is to seek to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Total Return Index (the “COPX Index”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COPX invests at least 80% of its total assets in the securities of the COPX Index and in American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) based on the securities in the COPX Index. COPX also invests at least 80% of its total assets in securities of companies that are economically tied to the copper mining industry. Companies economically tied to the copper mining industry include those engaged in copper mining and/or closely related activities such as exploration and refining. COPX may lend securities representing up to one-third of the value of its total assets (including the value of the collateral received). The COPX Index is designed to measure broad-based equity market performance of global companies involved in the copper mining industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You can find COPX’s prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-22209 through the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The information in this prospectus regarding COPX comes from its filings with the SEC. You are urged to refer to the SEC filings made by COPX and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects. The description of COPX’s principal investment strategies contained herein was taken directly from COPX’s prospectus, dated March 1, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of COPX or other securities of COPX. The Fund has derived all disclosures contained in this document regarding COPX from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to COPX. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding COPX is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of COPX (and therefore the share price of COPX at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning COPX could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of COPX.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY, GLOBAL X FUNDS^® OR GLOBAL X MANAGEMENT COMPANY LLC. LIKEWISE, NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY’S INDEX, INDEX PROVIDER, OR INDEX CALCULATION AGENT.</b></span></p> The Fund has adopted a policy of having at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingSecurityRiskMember_ze16CC1WSuJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Risk. </b>The Underlying Security is subject to many risks that can negatively impact the Fund. In addition to ETF Risks, Market Risks, Operational Risks, and Tax Risks, the Underlying Security is subject to the following risks (among other risks):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_znuDjgdR2UPf"></span></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaterialsSectorRisksMember_zPq2RcOHj5hj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Materials Sector Risks: </b>Companies in the materials sector are affected by commodity price volatility, exchange rates, import and export controls, supply chain disruptions. worldwide competition, social and political unrest, war, depletion of resources, technical advances, labor relations, over-production, litigation and government regulations, among other factors. </span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zDTmmKSMuP1l"></span></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MetalsandMiningIndustryRisksMember_zFmit57vUlHj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Metals and Mining Industry Risks: </b>Securities in COPX’s portfolio may be significantly subject to the effects of competitive pressures in the mining industry and the price of certain metals. The price of certain metals may be affected by changes in inflation rates, interest rates, monetary policy, economic conditions, and political stability. Commodity prices may fluctuate substantially over short periods of time; therefore, COPX’s Share price may be more volatile than other types of investments.  A significant portion of the world’s precious metals are held by governments, central banks and related institutions, and their policies may be unpredictable and may have a significant adverse impact on the supply and prices of precious metals.  In addition, metals and mining companies, which may include companies at various stages of development, may also be significantly affected by import controls, worldwide competition, the success of exploration projects, fluctuation in extraction and production costs, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices. Metals and mining companies may have significant operations in areas at risk for social and political unrest, security concerns and environmental damage. These companies may also be at risk for increased government regulation and intervention. Such risks may adversely affect the issuers to which COPX has exposure.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zy40mmndllZ7"></span></div> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zhIX14mYBRhj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk:</b> Equity securities can change in value unpredictably due to factors like company performance, market trends, and economic conditions, potentially being more volatile than other assets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z2TN7xay5V0h"></span></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRisksMember_zCBXaM2OveA6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Capitalization Risks:</b> Investing in issuers of the same market capitalization category may suffer due to market conditions or investor sentiment.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zzHVc6HSBn95"></span></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zOMkn588Xv4f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large-Capitalization Companies Risk:</b> Large-cap stocks may not perform as well as the overall market, experiencing cycles of outperformance and underperformance.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zF9d4tCBcKT7"></span></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompaniesRiskMember_zdFhIHza79ej"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mid-Capitalization Companies Risk:</b> Mid-cap companies may be more volatile with less liquidity and resources compared to large-cap companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zhpijMN98znf"></span></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompaniesRiskMember_ztbqaw48PM0d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small-Capitalization Companies Risk:</b> Small-cap companies may be less stable and more susceptible to market changes, with their securities being more volatile and less liquid.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zO1zh9n6SUH2"></span></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityExposureRiskMember_zVu4ObvSDfnb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Exposure Risk:</b> The COPX Index measures the performance of companies involved in a commodity-related industry and not the performance of the price of a commodity itself. The securities of companies involved in a commodity-related industry may under- or over-perform the price of such commodity over the short-term or the long-term.  These companies may be susceptible to fluctuations in the underlying commodities market and may be influenced or characterized by unpredictable factors, including high volatility, changes in supply and demand relationships, weather, agriculture, trade, changes in interest rates and monetary and other governmental policies, action and inaction.  </span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CopperRiskMember_zgfSq6XV9JKe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify"> <td style="width: 150px"></td><td style="width: 75px; text-align: left">○</td><td style="text-align: justify"><b>Copper Risk:</b> Companies involved in copper production or use are subject to risks specific to the global copper market. Copper demand is closely linked to global economic conditions, particularly industrial activity, construction, and infrastructure investment, and may be affected by economic slowdowns or changes in trade patterns. Copper supply may be disrupted by factors such as labor disputes, geopolitical events, regulatory or permitting challenges, and operational issues in major producing regions. In addition, copper prices may be influenced by expectations regarding long-term trends such as electrification and technological development, inventory levels, substitution by alternative materials, and speculative activity, which may contribute to increased volatility in copper-related securities.</td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExposureToRelatedMarketsRiskMember_zyN1oQV1SZEh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify"> <td style="width: 150px"></td><td style="width: 75px; text-align: left">○</td><td style="text-align: justify"><b>Exposure to Related Markets Risk:</b> Companies that are active in the exploration and/or mining of commodities may derive a significant percentage of their profits from other business activities, including direct investment in those commodities and in technologies and products related to those commodities. As a result, the performance of these markets and the profits of these companies from such activities may significantly impact COPX’s performance.</td> </tr></table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zXFpG9CMIF4j"></span></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityPriceRelationshipRiskMember_z0KjsS28cfOh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Price Relationship Risk:</b> Performance of companies in the copper mining industry may not align with copper prices, leading to under- or overperformance relative to copper price movements.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zJxG47zWwlu4"></span></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusRiskMember_zu581LbwAXY8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Focus Risk:</b> Concentrating investments in specific industries or sectors increases susceptibility to adverse events like economic conditions, competition, and technological changes, potentially leading to higher volatility.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zqFuE8QTFfpe"></span></div> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestableUniverseofCompaniesRiskMember_zYmvMPKCAYBe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investable Universe of Companies Risk:</b> Limited options in COPX’s investable universe may impact liquidity and performance if companies fail to meet index criteria, leading to necessary portfolio adjustments.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_ziJeLXyzAqj"></span></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRisksMember_za8WrN4tqkm2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risks:</b> Investing in foreign securities within U.S. regulations poses greater risk than U.S. securities due to factors like inflation, nationalization, and political/economic events affecting foreign markets. Fluctuations in foreign securities prices, differences in market hours, and geopolitical instability can lead to losses for investors.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zvDCwSlu9e3a"></span></div> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zWxaHhkkKHRa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk: </b>Investing in foreign currencies can lead to NAV declines if those currencies depreciate against the U.S. dollar, with exchange rates being volatile and changing quickly.\</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zEJEflPBGLc"></span></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CustodyRiskMember_zHvuhn2nU2G1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custody Risk: </b>Holding foreign securities and cash may pose risks, especially in emerging markets, due to potential issues with trade clearing, settlement, and custody by local institutions.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zvSv7aUqXfR1"></span></div> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DevelopedandEmergingMarketsRiskMember_zbM9yRZNa9bk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Developed and Emerging Markets Risk:</b> Investments in both developed and emerging markets pose regulatory, political, economic, and security risks. Emerging markets are less liquid and have fewer reporting requirements, while developed markets may face slower economic growth and security concerns.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zFx22dURWCLl"></span></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierandStandaloneMarketsRiskMember_zBt6sFnG9pcd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Frontier and Standalone Markets Risk:</b> Investing in frontier and standalone markets involves higher risks due to economic, political, and liquidity uncertainties. These markets have less developed economies and capital markets, leading to extreme price volatility and illiquidity.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zyUJ7JecuiN8"></span></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalClosedMarketTradingRiskMember_zThD8KrOzxUa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>International Closed Market Trading Risk:</b> Deviations between foreign market prices and COPX’s trading hours can lead to premiums or discounts to NAV, affecting investor returns.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div style="display: none"><span id="xdx_919_exdx--NextElement_znLGNGVxa7ok"></span></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicRiskMember_zlfVyaA5t8I9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Risk: </b>COPX’s investments in securities of issuers located in a particular country or geographic region may subject COPX to certain risks to a greater extent that if its investments were less focused, including: natural, biographical or other disasters and the spread of infectious diseases; economic, political and social instability; security concerns; and trade disputes with key trading partners.  The securities in which COPX invests are also subject to specific risks as a result of their business operations in a particular country or region, including, but not limited to:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zydAS7v3W8R6"></span></div> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskofInvestinginChileMember_zdZFXFbWXjr5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk of Investing in Chile:</b> Investing in Chilean issuers exposes COPX to various risks specific to Chile, including legal, regulatory, political, currency, environmental and economic risks. Among other things, the Chilean economy relies heavily on the export of certain commodities.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zQNvwRqSoX42"></span></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofInvestinginChinaMember_zelqO8z2Z09j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks of Investing in China:</b> In the case of China, the risks are particularly notable and extensive:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z5tZ2vHRlwwh"></span></div> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicPoliticalandSocialRiskMember_zyVPTUjHOQAj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic, Political, and Social Risk:</b> China’s economic, political, and social landscape presents considerable uncertainty. Factors such as rising government and household debt levels, economic reforms, and market liberalization efforts contribute to significant market volatility. Additionally, inefficiencies, lack of transparency, and political instability can lead to unpredictable market behavior.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zX4nEBnHuL2c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory Risk: </b>Chinese companies, including those listed on U.S. exchanges, face less stringent regulatory requirements and oversight compared to companies in more developed markets. This lack of oversight can result in incomplete or unreliable information, potentially leading to investment losses.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentControlandInterventionMember_zwGF6hQytjte"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government Control and Intervention:</b> The Chinese government wields substantial control over the economy and can intervene in corporate operations and structures. Regulatory actions or government policies can directly impact company performance and investor returns.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityConcernsMember_z7xJ9gU6Jpga"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Security Concerns: </b>China faces security challenges such as terrorism and cyberattacks, which can disrupt economic activities and market stability. Allegations of state-sponsored cyberattacks against foreign entities further exacerbate security risks.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthandPandemicRisksMember_zOwmtOVFj7el"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Health and Pandemic Risks:</b> China has experienced major health crises, including outbreaks of infectious diseases such as SARS, MERS, and COVID-19. These health crises can significantly impact economic and social stability, affecting investor confidence and market performance.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradeTensionsMember_zanPf50knsdk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade Tensions: </b>Elevated trade tensions between China and its trading partners, particularly the United States, can adversely affect the Chinese economy. Tariffs, trade barriers, and geopolitical conflicts can disrupt supply chains and economic growth, impacting investments in Chinese companies.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEntityVIEStructureRisksMember_zFqwEpWSy1N7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variable Interest Entity (VIE) Structure Risks:</b> Many Chinese companies utilize the VIE structure to list on foreign exchanges, including U.S. exchanges, circumventing restrictions on foreign ownership. However, this structure is not formally recognized under Chinese law, posing legal uncertainties and potential regulatory risks. Changes in Chinese government regulations or legal interpretations could invalidate VIE contracts, leading to significant losses for investors.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRisksMember_zukZeW8YmrJl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risks:</b> China’s tax laws and procedures are subject to frequent revisions, which may impact after-tax profits for investors. Uncertainties in tax rules could result in unexpected tax liabilities, affecting investment returns.</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <p style="margin: 0"> </p> <p style="margin: 0"></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DelistingRisksMember_z220Ty6svxL9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delisting Risks: </b>Chinese equities listed on U.S. exchanges face regulatory scrutiny and potential delisting threats. Disputes over audit inspections and compliance with regulatory standards can lead to delisting actions, causing significant losses for investors.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0"></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyandEconomicPolicyRisksMember_zTh3ryQqKxO7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 225px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency and Economic Policy Risks:</b> China’s currency policies and economic reforms can result in currency fluctuations and economic volatility. Changes in monetary policies, interest rates, and exchange rate mechanisms can impact investor returns and market stability.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <div style="display: none"><span id="xdx_915_exdx--NextElement_zNoZ97ArI27g"></span></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zFX1bLhFniAa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities Lending Risk:</b> Securities lending involves a risk of loss due to the possibility of not recovering lent securities if the borrower fails to return them promptly or at all. In such cases, COPX may need to sell collateral and purchase replacement securities, risking potential losses if the market value of the loaned securities increases without a corresponding increase in collateral. Moreover, COPX may face adverse tax consequences and be unable to vote on material proxy matters for securities on loan if they cannot be recalled in time.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zns34pZVndc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zcgbma1OWTTb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 26%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 1.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="background-color: rgb(146,208,80); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="background-color: rgb(192,0,0); vertical-align: top; padding-top: 2.65pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 37.22%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 44.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 15.67%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zm8OBV8jpc72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zaTrsbNWAfya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z23AglzR114i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zf4vtzo9gb68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements.</b> The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zLQhNu7hiQFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zZ5A3CKSZnUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_znCzb7Xuv2s1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z3tOv7M5zoml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zZyFIVyhCmfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zN2uJg46NsUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zrW0IlIkDZZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_za7eAF11jF3i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zXqEGdNL5yhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zR981WZIcrTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z4BhmaJ3eYgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_z1arghQhjH16" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zSM6LPtFURRh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zqsQiiDDDs37" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z9SqCpJmYD9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z6ZIn7Ctcmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z6jf3FDAEvW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z68XluQyBLe3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zOOK8iyEEq8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zDeHN8gbPBb2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_znzPc7fMDYrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zKCc9WBcgWGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zBRSWrBnlZdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. Because the Underlying Security is a regulated investment company, the value of the Fund’s investments in swaps or options is likely not subject to these limitations. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zfJASnRFnhF8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000085119Member_z7agOOno4t53">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000085119Member_z2VaYF3Ssx4i">When such information is included, this section 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 the Underlying Security and a broad measure of market performance.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000085119Member_zX8wGcQZ48ha">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000085119Member_zO4SbB8C0mlc">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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 the Underlying Security and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG RIOT ETF – FUND SUMMARY           Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z6kqzgwmcQ2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Riot Platforms, Inc. (Nasdaq: RIOT). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zX1u4HHvcv71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zQIBKlZhvreb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zDUMXHUOE7Vg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_988_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000085120Member_znTm2zulLEz9" style="border-bottom: black 1pt solid; width: 88%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6C_zOPMddy1J9Pc">(1)</sup>  (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_490_20260825__20260825__oef--ClassAxis__custom--C000249985Member_z4gXFOKcMVS1" style="border-bottom: black 1pt solid; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_ziTmUcATGmzh" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zW08GlIAaFDl" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zp0RYTVSNQ6b" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.670</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zZYBKwJuSPDk" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4B_zIpcE07vq4p5">(2)</sup>                    </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dp_zBqjSr4iDOXf" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4B_zSV4YStxtwzb">(3)</sup></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.63</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_zDMVjqrHAH3d">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F14_zvH0aLqOyTT3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zkSYvYzQMxe7">(2)</sup> </span></td> <td style="text-align: justify"><span id="xdx_F1C_zb9RolyTJJQc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. <span id="xdx_90C_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260825__20260825__dei--LegalEntityAxis__custom--S000085120Member_zYO95cIctvKg">Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</span></span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zhQL49Xbot3d">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F15_z6SzsXBBeJH8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Annual Fund Operating Expenses(1)  (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.00670 0.0001 0.0163 Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zaeny2LOIbL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXgVFQIHCGKj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zSVIyOsx09rc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_48C_eoef--ExpenseExampleYear01_zrDtnXrLiUSa" style="border-top: black 1pt solid; vertical-align: bottom; width: 28%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zNeisGFbqgUj" style="border-top: black 1pt solid; vertical-align: bottom; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zAI3DtdWsE95" style="border-top: black 1pt solid; vertical-align: top; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_z3tS9FM9izga" style="border-top: black 1pt solid; vertical-align: top; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_410_20260825__20260825__oef--ClassAxis__custom--C000249985Member_ztQ4ZGYwKcN9"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$166</span></td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$514</span></td> <td style="border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$887</span></td> <td style="border-bottom: black 1pt solid; vertical-align: middle; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,933</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 166 514 887 1933 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zd2DzSLBWZH6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90E_eoef--PortfolioTurnoverRate_dp_c20260825__20260825__dei--LegalEntityAxis__custom--S000085120Member_z9acXfBHH0b8">34,085</span>%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 340.85 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zYSZdSkvTNUb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000085120Member_znAuNAsoVr31">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in (or substantially exposed to) the same industry as that assigned to RIOT. As of the date of the Prospectus, RIOT is assigned to the capital markets industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">RIOT</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Riot Platforms, Inc. (Nasdaq: RIOT).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIOT, together with its subsidiaries, operates as a digital infrastructure and bitcoin mining company in North America. The company operates through two segments: Bitcoin Mining and Engineering. RIOT also provides co-location services for institutional-scale bitcoin mining companies; critical infrastructure and workforce for institutional-scale miners to deploy and operate their miners; operation of data centers; and maintenance/management of computing capacity. RIOT is listed on the Nasdaq Capital Market (“Nasdaq”). Per RIOT’s most recent Form 10-K filing, the aggregate market value of the shares of common stock, no par value, held by non-affiliates of the registrant as of June 30, 2025, was approximately $2.1 billion, based on the closing sale price per share of the registrant’s common stock as reported by the Nasdaq Capital Market on such date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIOT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by RIOT pursuant to the Exchange Act can be located by reference to the SEC file number 001-33675 through the SEC’s website at www.sec.gov. In addition, information regarding RIOT may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of RIOT or other securities of Riot Platforms, Inc. The Fund has derived all disclosures contained in this document regarding RIOT from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to RIOT. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding RIOT is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of RIOT (and therefore the share price of RIOT at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning RIOT could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of RIOT.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY.</b></span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingSecurityRiskMember_zZvqDjMHQ9o3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Risk. </b>The Fund invests in swap contracts and options contracts that are based on the share price of RIOT. This subjects the Fund to certain of the same risks as if it owned shares of RIOT, even though it does not. By virtue of the Fund’s investments in swap contracts and options contracts that are based on the value of RIOT, the Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInRiotRiskMember_z2SN4dUydHPg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in RIOT Risk.</i> RIOT is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of RIOT but will be exposed to the performance of RIOT (the underlying stock). Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the underlying stock but will be subject to declines in the performance of the underlying stock. </span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiotTradingRiskMember_zHRgyDFKEom"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RIOT Trading Risk.</i> The trading price of RIOT may be highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. In particular, a large proportion of RIOT may be traded by short sellers which may put pressure on the supply and demand for the common stock of RIOT, further influencing volatility in its market price. Public perception and other factors outside of the control of RIOT may additionally impact RIOT’s share price due to RIOT garnering a disproportionate degree of public attention, regardless of actual operating performance. In addition, in the past, following periods of volatility in the overall market and the market price of a particular company’s securities, securities class action litigation has often been instituted against companies such as these. Any future stockholder litigation could result in substantial costs and a diversion of the management of RIOT’s attention and resources. If RIOT trading is halted, trading in Shares of the Fund may be impacted, either temporarily or indefinitely.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RIOTPerformanceRiskMember_zsEXui59cX8j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>RIOT Performance Risk. </i>RIOT may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of RIOT to decline. RIOT provides guidance regarding its expected financial and business performance, such as projections regarding sales and production, as well as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance RIOT provides may not ultimately be accurate. If RIOT’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by RIOT could decline significantly.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryCompetitionRiskMember_zXKnf4rd4AJb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industry Competition Risk. </i>RIOT’s business is highly competitive and continuously evolving, on a global basis. The primary drivers of competition are demand for bitcoin, sufficient capital resources to acquire large quantities of high-quality miners, the ability to secure these miners from a limited number of suppliers on rapid delivery schedules, and the ability to execute on those miner deployments with the best-in-class mining infrastructure to generate the highest returns while incurring the lowest costs to mine. RIOT’s inability to maintain or improve market share versus its competitors could negatively impact its financial results.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_z1IZGadUVKe3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulatory Risk. </i>The digital asset exchanges on which bitcoin is traded are relatively new and largely unregulated. Many digital asset exchanges do not provide the public with significant information regarding their ownership structure, management teams, corporate practices, or regulatory compliance. As a result, the marketplace may lose confidence in, or may experience problems relating to, such digital asset exchanges, including prominent exchanges handling a significant portion of the volume of digital asset trading. A perceived lack of stability in the digital asset exchange market and the closure or temporary shutdown of digital asset exchanges due to business failure, hackers or malware, government-mandated regulation, or fraud may reduce confidence in digital asset networks and result in greater volatility in digital asset values, such as bitcoin.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinPriceMember_zbpLGrH5zUzd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Price.</i> While the Fund will not directly invest in digital assets, it will be subject to the risks associated with bitcoin by virtue of its exposure to RIOT. Investing in bitcoin or having a business dependent on the price of bitcoin (such as RIOT and, in turn, RIOT shareholders) carries significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of bitcoin’s price is also a risk factor. Regulatory uncertainties, such as potential government interventions and conflicting regulations across jurisdictions, can impact the demand for bitcoin and restrict its usage. Additionally, risks associated with the sale of newly mined bitcoin, bitcoin trading platforms, competition from alternative digital assets, mining operations, network modifications, and intellectual property claims pose further challenges to bitcoin-linked investments.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinHalvingMember_ze1qrrz1nQk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin Halving. </i>While Bitcoin prices have historically increased around halving events (a process designed to control the overall supply and reduce the risk of inflation in bitcoin, which uses a proof-of-work consensus algorithm and results in the mining reward being cut in half) there is no guarantee that the price change will be favorable or would compensate for the reduction in mining rewards. If a corresponding and proportionate increase in the price of Bitcoin does not follow future halving events, the revenue RIOT earns from its bitcoin mining operations would see a decrease, which could have a material adverse effect on RIOT’s results of operations and financial condition.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HashRateAndDifficultyMember_zBUfDD77MOuk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Hash Rate and Difficulty.</i> As demand for bitcoin has increased, the global network hash rate (i.e., the aggregate amount of computing power devoted to supporting the bitcoin blockchain at a given time) has increased rapidly, and as greater adoption of bitcoin occurs, it is expected that demand for new bitcoin will likewise increase as more mining companies are drawn into the industry by this increased demand. Further, as a greater number of increasingly powerful miners have been deployed, the network difficulty for bitcoin has consequently also increased. A high difficulty means that more computing power will be required in order to solve a block and earn a new bitcoin reward, which, in turn, makes the bitcoin network more secure by limiting the possibility of one miner or mining pool gaining control of the network. Therefore, as new and existing miners deploy additional hash rate, the global network hash rate will continue to increase, meaning a miner’s share of the global network hash rate (and therefore its chance of earning bitcoin rewards) will decline if it fails to deploy additional hash rate at pace with the industry. If RIOT, in an effort to grow its hash rate, is unable to complete planned expansions on schedule and within anticipated cost estimates, deployment of newly purchased miners may be delayed, which could affect its competitiveness and results of operation, which could have a material adverse effect on RIOT’s financial condition and the market price for its securities.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapitalMarketsIndustryRiskMember_zNr3gMahdaEl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital Markets Industry Risk.</i> Capital markets companies may be significantly affected by stock and bank trading activity, changes in governmental regulation, continuing increases in price competition, decreases in fees or fee-related business, including investment banking, brokerage, asset management and other servicing fees, fluctuation in interest rates and other factors which could adversely affect financial markets.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z3zNEp25x7B5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zl4R6TX9VG12" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 26%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 92.74%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 103.71% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was -6.18%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zV5NQ45zRj57" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zM8Hqsuqiq7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z1m3M6v9guoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zaw9upEqfpPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements.</b> The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z1AKBOUBtL3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zJ5pwtIw4Wda" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zZtYyqmdvTS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z7Ph28PJcSn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zTb3xMmUuvm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z3ibJZnRb2X6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z8MRQ7oWg31a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zVCB0YHhVKw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zwngxYXdSUP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z0TBRwKnBRFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zLCWvN8q9HD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”),and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_z2v5mss2yXa3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zCb6wnU5gt22" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zd7PoQxLj4Ad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zhRlpDz6qe0a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zVq13zTW0Bqf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zN8vfmTYgZfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z5cTpMS2ZaQj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zVWNiF6mj905" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zEXaH3hK19p3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z7esSBTcoPme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zHlEA9PKx6Ml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z9kRytOVYnOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 25% of the value of the Fund’s assets would be invested in securities of a single issuer. Accordingly, the Fund will attempt to insure that the value of its investment in swaps and options on the Underlying Security at the close of any quarter is less than 25% of the Fund’s value. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zhHK2JXdNurc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000085120Member_zQwGC1YmMS6">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000085120Member_zLgOZQVvbA66">When such information is included, this section 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 the Underlying Security and a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000085120Member_zPx0x2xlGdL5">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000085120Member_zIuCLSS5yqga">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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 the Underlying Security and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG CHINA MAGNIFICENT SEVEN ETF (formerly known as Defiance Daily Target 2X Long China Dragons ETF) – FUND SUMMARY           Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zSXAigbHy2u8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of the Roundhill China Magnificent Seven ETF (Cboe BZX Exchange, Inc.: MAGC). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_z0i6lIiAPBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zzwsWFnzzPLk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zS7jzVh2x8d6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98F_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000085121Member_zPwXWxe9wyyj" style="border-bottom: black 1pt solid; width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6C_z26k6sfJPkja">(1)</sup>  (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_495_20260825__20260825__oef--ClassAxis__custom--C000249986Member_zWn1SB3vSLl4" style="border-bottom: black 1pt solid; width: 13%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zUC8BlfzBbj2" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmlescOIOlN7" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zYWDwB9eBbs1" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4E_zxT6O8GQAwWd">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zpwdgc8VkV31" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F47_zyNfMeqVrwa6">(3)</sup></span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95 </span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_z4yFnlMiOlOc">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F17_zLOI9oedHbIj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0A_z7hi74gRZUD2">(2)</sup></span></td> <td><span id="xdx_F19_z2WqTiaSZ2a5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000085121Member_zvQ8KAqZ9aK1">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zKqJWrf7ncN8">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F17_ze6DTvXpoJE2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Annual Fund Operating Expenses(1)  (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zMHR6SRvVUO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWaEdTDzQTMb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zNt0aAZAl5Ti" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zHITeM6do5Eb" style="border-top: black 1pt solid; width: 52%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zssJUcqnl5Y2" style="border-top: black 1pt solid; width: 48%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_414_20260825__20260825__oef--ClassAxis__custom--C000249986Member_zPgWxjdJbAo7" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$97</span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$303 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 97 303 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zos0VQRDv1Hf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund has not yet commenced operations, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zazc23VBtrmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000085121Member_zpVlQRHuPlnh">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated (i.e., holds 25% or more of its total assets) in the same industry or group of industries in which Underlying Security concentrates. The Underlying Security’s registration statement states that it will concentrate (<i>i.e.</i>, invest more than 25% of its total assets) its investments in the industry or group of industries comprising the consumer discretionary sector, communication services sector and information technology sector, collectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">MAGC</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of the Roundhill China Magnificent Seven ETF (Cboe BZX Exchange, Inc.: MAGC). MAGC seeks to achieve its investment objective through exposure to a concentrated basket of seven of the largest and most innovative Chinese companies (the “Chinese Magnificent Seven”), as determined by MAGC’s investment adviser.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAGC invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments (including ADRs and derivatives on ADRs) that provide exposure to Chinese issuers. In determining which companies are properly classified as the Chinese Magnificent Seven, MAGC’s investment adviser uses a proprietary methodology that incorporates both quantitative and qualitative elements. The initial selection universe is composed of the 100 largest Chinese equity securities according to market capitalization. MAGC”s investment adviser narrows the universe by applying quantitative screens (based upon a security’s market capitalization and average daily trading volume) and qualitative screens (based on a proprietary assessment by MAGC”s investment adviser of each company’s degree of technological innovation) to classify seven issuers as the Chinese Magnificent Seven. MAGC seeks equally-weighted exposure to each of the Chinese Magnificent Seven, with such weighting being rebalanced on a quarterly basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You can find MAGC’s prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-23887 through the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The information in this prospectus regarding MAGC comes from its filings with the SEC. You are urged to refer to the SEC filings made by MAGC and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects. The description of MAGC’s principal investment strategies contained herein was taken directly from MAGC’s prospectus, dated May 1, 2026.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of MAGC or other securities of MAGC. The Fund has derived all disclosures contained in this document regarding MAGC from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to MAGC. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding MAGC is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MAGC (and therefore the share price of MAGC at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning MAGC could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of MAGC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY, ROUNDHILL ETF TRUST, ROUNDHILL FINANCIAL INC., OR EXCHANGE TRADED CONCEPTS, LLC. </b></span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingSecurityRiskMember_zS4JAHKFgGy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Risk. </b>The Underlying Security is subject to many risks that can negatively impact the Fund. In addition to ETF Risks, Market Risks, Operational Risks, and Tax Risks, the Underlying Security is subject to the following risks (among other risks):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zHLJFIuZ1JLk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China Risk. </b>MAGC’s significant investments in instruments that provide exposure to Chinese companies subject MAGC to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers of securities in which MAGC invests. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and MAGC’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. MAGC’s portfolio may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. So long as these restrictions do not include restrictions on investments, MAGC is generally expected to invest in such companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chinese companies are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, information about the Chinese securities in which MAGC invests may be less reliable or complete. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may have limited legal remedies. Chinese companies may also be subject to significantly weaker recordkeeping requirements than the requirements imposed upon U.S. companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zx6btZG0Gu65"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>Market risk is the risk that a particular security may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. MAGC shares could decline in value or underperform other investments. In addition, securities and other assets in MAGC’s portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRisksMember_zcgekfg0Hp98"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk. </b>The use of derivative instruments (<i>i.e.</i> swap agreements and forward contracts) involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not); (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Derivative instruments present the risk of significant losses to MAGC.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsMember_zutocYCYZ0Za"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swaps. </i>A swap agreement could result in losses if the underlying reference or asset does not perform as anticipated. In addition, many swaps trade over-the-counter and may be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardsMember_zruH52hlgKfa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forwards. </i>The market for forward contracts is substantially unregulated and can experience lengthy periods of illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in substantial losses to the Fund, exceeding the amount of the margin paid.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zl4fa2agCFj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_znIIhGU0bydg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> MAGC is concentrated in the industry or group of industries comprising the consumer discretionary sector, communication services sector and information technology sector. MAGC may be susceptible to an increased risk of loss, including losses due to adverse events that affect the MAGC’s investments more than the market as a whole, to the extent that MAGC’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zEy66LEHddl9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Consumer Discretionary Sector Risk.</i> Companies in this sector manufacture products and provide discretionary services directly to the consumer, and the success of these companies is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_z0fvTe7S4eyf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Communication Services Sector Risk.</i> Communication services companies may be subject to specific risks associated with legislative or regulatory changes, adverse market conditions, intellectual property use and/or increased competition. Communication services companies are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product obsolescence and government regulation and competition, both domestically and internationally.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zBBjRBKqd8T3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 150px"></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Information Technology Sector Risk.</i> Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. They may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. The loss or impairment of intellectual property rights may adversely affect the profitability of these companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zgCNzkfJ7rN9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Management Risk.</b> MAGC is actively-managed and its performance reflects investment decisions that its investment adviser makes for MAGC. Such judgments about MAGC’s investments may prove to be incorrect, causing MAGC to underperform as compared to other funds with similar investment objectives and/or strategies, or could have negative returns.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zBMshHtkMtni"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk. </b>Changes in currency exchange rates affect the value of investments denominated in a foreign currency, and therefore the value of such investments in MAGC’s portfolio. MAGC’s net asset value could decline if a currency to which MAGC has exposure depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in MAGC may change quickly and without warning.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CustodyRiskMember_zxe0dS1wP8R3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Custody Risk. </b>Custody risk refers to the risks inherent in the process of clearing and settling trades, as well as the holding of securities by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets may make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. In general, the less developed a country’s securities markets are, the higher the degree of custody risk.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_z5UJE85orBBa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cybersecurity Risk.</b> Failures or breaches of the electronic systems of MAGC, MAGC’s adviser, distributor, and other service providers, market makers, Authorized Participants or the issuers of securities in which MAGC invests have the ability to cause disruptions, negatively impact MAGC’s business operations and/or potentially result in financial losses to MAGC and its shareholders.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zcwxaqqaRmqh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary Receipt Risk.</b> Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert the equity shares into depositary receipts and vice versa. Such restrictions may cause the equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zh4wv38zTeK8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk.</b> MAGC’s investments in China may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HongKongRiskMember_zXQK8nTyWYE"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hong Kong Risk. </b>Investments in Hong Kong issuers will subject MAGC to legal, regulatory, political, currency, security, and economic risk specific to Hong Kong. Any changes in the Chinese economy, trade regulations or currency exchange rates, or a tightening of China’s control over Hong Kong, may have an adverse impact on Hong Kong’s economy.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_zd9pdwXY5tk3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation Risk. </b>Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. This risk is considered to be heightened as it relates to Chinese companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalClosedMarketTradingRiskMember_zWEemqteL4S3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>International Closed Market Trading Risk. </b>To the extent securities held by MAGC trade on non-U.S. exchanges that are closed when MAGC’s primary listing exchange is open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (<i>i.e.</i>, MAGC’s quote from the closed foreign market) used for purposes of calculating MAGC’s NAV, resulting in premiums or discounts to the MAGC’s NAV and bid/ask spreads that may be greater than those experienced by other funds.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zNMo4eqSxJhc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Issuer Risk. </b>The performance of MAGC depends on the performance of individual securities to which MAGC has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zAdieWfLkx8e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Companies Risk.</b> Large capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquiditysRisks1Member_zBnXCJL7UMsh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>MAGC’s swap agreements and/or forward contracts trade over-the-counter, in limited volume and generally lack an active trading market. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketFundsRiskMember_zeLFCPzrtrWb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Funds Risk.</b> MAGC may invest in money market funds to collateralize its swap agreements and forwards contracts. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRisksMember_zP1dOGSWQiyd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>MAGC is a recently organized investment company with a limited operating and performance history.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSSecuritiesRiskMember_zdo7bM4vlN1j"></div> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non U.S. Securities Risk. </b>Non-U.S. securities are subject to higher volatility than securities of domestic issuers due to possible adverse political, social or economic developments, restrictions on foreign investment or exchange of securities, capital controls, lack of liquidity, currency exchange rates, excessive taxation, government seizure of assets, the imposition of sanctions by foreign governments, different legal or accounting standards, and less government supervision and regulation of securities exchanges in foreign countries.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatizationRiskMember_zBm7RN56xQv9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Privatization Risk. </b>China has privatized, or has begun a process of privatizing, certain entities and industries. Newly privatized companies may face strong competition from government-sponsored competitors that have not been privatized. In some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases, due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zVtTdXD4oscd"></div> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Securities Risk. </b>MAGC may invest in short-term U.S. government securities to collateralize its swap agreements and forwards contracts. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zNY7hEJo6k4c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk. </b>MAGC may hold securities or other assets (such as swap agreements and forward contracts) that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity.  Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used, and there is no assurance that MAGC could sell or close out a portfolio position for the value established for it at any time.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestRiskMember_zncMVvmD7tF8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 75px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variable Interest Risk.</b> Some of the ADRs to which MAGC will have exposure may be structured as variable interest entities or “VIEs.” A VIE is a special structure designed to provide foreign investors with exposure to Chinese companies. Exposure to VIEs may pose additional risks because the investment is made in reference to an intermediary shell company that has entered into service and other contracts with the underlying Chinese operating company to provide investors with exposure to the operating company, but does not represent equity ownership in the operating company. As a result, such investment may limit the rights of an investor with respect to the underlying Chinese operating company. VIEs are not formally recognized under Chinese law and investors face uncertainty about future actions by the Chinese government that could significantly affect the operating company’s financial performance and the enforceability of the contractual arrangements underlying the VIE structure. Prohibitions of these structures by the Chinese government, or the inability to enforce such contracts, from which the shell company derives its value, would likely cause the VIE-structured holding(s) to suffer significant losses, and in turn, adversely affect the MAGC’s returns and net asset value.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z8WA5sUeDcE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zucMIo5FV0d4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 26%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The annualized historical volatility rate of the Underlying Security for the period from its inception on October 3, 2024 to June 30, 2026 was 34.25%. The annualized performance of the Underlying Security for the period from its inception on October 3, 2024 to March 31, 2026 was 38.25%. Historical Underlying Security volatility and performance are not necessarily indications of what volatility and performance of the Underlying Security will be in the future. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_z6ZmQFYAmDt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zFkMUBbDY2Oh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zklBskP9Xgv" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zcsVuvwJ9ug9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements.</b> The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zb7YETCA4zy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zK3ymsj1i4yg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zWW5KPJpCy4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zoqkxrMv4tle" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zbUO5yx4OHI" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zpDIJuNxSm1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zIuaIWgXpucc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z4J1Ry0jinm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zTKXXGdpowVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z5xitCcb2yWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z5vCjDBiS3Eg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zgZvN3ncbZsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zWQGJeiIoPY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zYMiGlcFnq62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zh7dADAWT3p4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zHe8zy4SmRV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zwezMg4rJwd3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zhu4WLUcd9Yg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zKzl7mLVKYwi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zD557HYd0pX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zj8HVaN0fzqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zoTf7Q3zuYc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zzrL2fJ5D56i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. Because the Underlying Security is a regulated investment company, the value of the Fund’s investment in swaps or options on the Underlying Security is likely not subject to these limitations. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_z0437kJhG793" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000085121Member_zKr1Bsi7Avui">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000085121Member_z7aJcTlDumLf">When such information is included, this section 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 the Underlying Security and a broad measure of market performance.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000085121Member_zJgu9oupvlff">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000085121Member_z9nR0iuDYsc1">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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 the Underlying Security and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG SOLAR ETF – FUND SUMMARY           Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zdSQGmlxHY11" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of the Invesco Solar ETF (NYSE Arca: TAN). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zg5WdUhk2Le9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z5Ua6TPSUZag"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_znPiyfk4wG33" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98B_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000085122Member_zoNWM7jkKPNj" style="border-bottom: black 1pt solid; width: 87%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F64_zcXfh556jAP5">(1)</sup>  (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_499_20260825__20260825__oef--ClassAxis__custom--C000249987Member_zAfkQwky642l" style="border-bottom: black 1pt solid; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zGnsZnvnr2J4" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAM4agPSwQv" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zqxvCzLNR639" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F43_zJ0nLGosQlp2">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dp_zoYnnPQ0kof4" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F40_zlTRaXEhHnuh">(3)</sup>   </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.95</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zi0onQEQPEgd">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1D_zcxEvDQhif6d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zRjX1ZiKwd23">(2)</sup></span></td> <td><span id="xdx_F16_zmXTCJRdNhki" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000085122Member_zM2xeZqYGXR3">Based on estimated amounts for the current fiscal year.</span></span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zzw0KwZG4bD7">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F16_zXFlYCfR91fa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> Annual Fund Operating Expenses(1)  (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0000 0.0095 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_ze1NQiHOCZ9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvl1A2OT7OJf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z1lpcgNAItsi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zVMe89LZCVR8" style="border-top: black 1pt solid; width: 52%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zE6XmzYEMgo7" style="border-top: black 1pt solid; width: 48%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_418_20260825__20260825__oef--ClassAxis__custom--C000249987Member_zQ0sJ4GBdmZa" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$97</span></td> <td style="border-bottom: black 1pt solid; padding-top: 10pt; padding-bottom: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$303 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 97 303 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zbiCBWI941C2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund has not yet commenced operations, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zvwhtXXsWSPb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors<b>, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000085122Member_zT8mqk0vUQsd">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for the swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated (i.e., holds 25% or more of its total assets) in the same industry or group of industries in which Underlying Security concentrates. In turn, the Underlying Security concentrates its investments in a particular industry or group of industries to approximately the same extent that its index is concentrated. As of August 31, 2025, Underlying Security’s index had significant exposure to the information technology sector and the solar and semiconductor industries. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">TAN</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of the Invesco Solar ETF (NYSE Arca: TAN). TAN’s investment objective is to seek to track the investment results (before fees and expenses) of the MAC Global Solar Energy Index (the “TAN Index”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAN will generally invest at least 90% of its total assets in the securities that comprise the TAN Index, which is designed to monitor the performance of companies operating in global solar energy businesses. The eligibility criteria for inclusion in this index are determined based on factors such as a company’s business description and recent reported revenue. The TAN Index includes companies listed on exchanges in specified countries that derive at least one-third of their total revenues from business activities in the solar industry. Examples of solar business activities include, but are not limited to: (1) solar power equipment producers; (2) suppliers of raw materials, components, or services to solar producers; (3) companies that produce solar equipment fabrication systems; (4) companies involved in solar power system installation and development; (5) companies that produce hydrogen using solar energy; (6) companies that provide solar-powered charging systems for electric vehicles; (7) companies selling systems that use solar thermal energy; and (8) companies that sell electricity derived from solar power. Eligible stocks must be listed on primary exchanges in select countries and must pass certain environmental, social, and governance (ESG) criteria outlined by the TAN Index methodology.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You can find TAN’s prospectus and other information about the ETF, including the most recent reports to shareholders, online by reference to the Investment Company Act File No. 811-21977 through the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The information in this prospectus regarding TAN comes from its filings with the SEC. You are urged to refer to the SEC filings made by TAN and to other publicly available information (e.g., the ETF’s annual reports) to obtain an understanding of the ETF’s business and financial prospects. The description of TAN’s principal investment strategies contained herein was taken directly from TAN’s prospectus, dated December 19, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of TAN or other securities of TAN. The Fund has derived all disclosures contained in this document regarding TAN from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to TAN. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding TAN is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TAN (and therefore the share price of TAN at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning TAN could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of TAN.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY, INVESCO EXCHANGE-TRADED FUND TRUST II, OR INVESCO CAPITAL MANAGEMENT LLC. LIKEWISE, NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY’S INDEX, INDEX PROVIDER, OR INDEX CALCULATION AGENT.</b></span></p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingSecurityRiskMember_zu22MQFTuVne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Risk. </b>The Underlying Security is subject to many risks that can negatively impact the Fund. In addition to ETF Risks, Market Risks, Operational Risks, and Tax Risks, the Underlying Security is subject to the following risks (among other risks):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zgMJSJVxBNAh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Risk:</b> Concentration in a specific industry, such as the solar industry and information technology sector, exposes TAN to risks associated with those industries’ performance.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zdskFqi6IGik"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information Technology Sector Risk.</b> Information technology companies are subject to intense competition, and their products are at risk of rapid obsolescence, which makes the prices of securities issued by these companies particularly volatile.  Product obsolescence can result from rapid technology developments, frequent new product introduction, unpredictable changes in growth rates and competition for services of qualified personnel.  Factors that may also significantly affect the market value of securities of issuers in the information technology sector include the failure to obtain, or delays in obtaining, financing or regulatory approval, product incompatibility, changing consumer preferences, increased government scrutiny, high required corporate capital expenditure for research and development or infrastructure and development of new products, and competition from alternative technologies.  Information technology companies are also heavily dependent on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect the company’s profitability.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SolarIndustryRiskMember_zvDhMqWAxkxa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Solar Industry Risk.</b> The value of stocks that comprise the energy sector and the prices of energy may decline. The alternative energy industry can be significantly affected by obsolescence of existing technology, short product lifecycles, falling prices and profits, competition from new market entrants and general economic conditions. This industry can also be significantly affected by fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects, tax incentives, subsidies and other government regulations and policies. Companies in this industry may be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, availability of certain inputs and materials required for production, depletion of resources, technological developments and labor relations. Recently, the price of oil has declined significantly and experienced significant volatility, which may materially impact companies operating in the solar energy sector. Shares of companies involved in the solar energy sector have historically been more volatile than shares of companies operating in more established industries.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">     </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsIndustryRiskMember_zKaysOpJEM78"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Semiconductors Industry Risk.</b> TAN will be sensitive to, and its performance may depend to a a greater extent on, the overall condition of the semiconductors industry. Competitive pressures, intense competition, aggressive pricing, technological developments, changing demand, research and development costs, availability and price of components and product obsolescence can significantly affect companies operating in the semiconductors industry. Global events, such as widespread epidemics or pandemics, may impair the manufacturing output of semiconductor equipment and may disrupt supply chains for industries that rely on such equipment. Semiconductor companies are vulnerable to wide fluctuations in securities prices due to such global circumstances and may be negatively impacted as a result.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EsgInvestingStrategyRiskMember_zBOtXq1cSpd3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ESG Investing Strategy Risk.</b> The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, TAN may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in TAN investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zYYW0QrtGVac"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk:</b> Equity securities can change in value unpredictably due to factors like company performance, market trends, and economic conditions, potentially being more volatile than other assets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicConcentrationRisksMember_zvzRWQyhsmgk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Concentration Risk.</b> TAN may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on TAN’s investment performance.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zOPTA8VQIttb"></span></div> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofInvestinginChinaMember_z4NQa1Vk3bF9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks of Investing in China:</b> In the case of China, the risks are particularly notable and extensive:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span></span></div> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicPoliticalandSocialRiskMember_zf0aUh13e80f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic, Political, and Social Risk:</b> China’s economic, political, and social landscape presents considerable uncertainty. Factors such as rising government and household debt levels, economic reforms, and market liberalization efforts contribute to significant market volatility. Additionally, inefficiencies, lack of transparency, and political instability can lead to unpredictable market behavior.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zsGXNeMoijL7"></span></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zsWLmwbJitWd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Regulatory Risk: </b>Chinese companies, including those listed on U.S. exchanges, face less stringent regulatory requirements and oversight compared to companies in more developed markets. This lack of oversight can result in incomplete or unreliable information, potentially leading to investment losses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zBwKIN0cIJY3"></span></div> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentControlandInterventionMember_zDfk0QhM1H5d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Government Control and Intervention:</b> The Chinese government wields substantial control over the economy and can intervene in corporate operations and structures. Regulatory actions or government policies can directly impact company performance and investor returns.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecurityConcernsMember_zrFZBXrHGmE9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Security Concerns: </b>China faces security challenges such as terrorism and cyberattacks, which can disrupt economic activities and market stability. Allegations of state-sponsored cyberattacks against foreign entities further exacerbate security risks.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthandPandemicRisksMember_zyJieHC3zTFc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Health and Pandemic Risks:</b> China has experienced major health crises, including outbreaks of infectious diseases such as SARS, MERS, and COVID-19. These health crises can significantly impact economic and social stability, affecting investor confidence and market performance.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradeTensionsMember_zsPjvHl8UkOk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trade Tensions: </b>Elevated trade tensions between China and its trading partners, particularly the United States, can adversely affect the Chinese economy. Tariffs, trade barriers, and geopolitical conflicts can disrupt supply chains and economic growth, impacting investments in Chinese companies.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin: 0"></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zwAv12Necscg"></span></div> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableInterestEntityVIEStructureRisksMember_zWVvijhrrpEj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variable Interest Entity (VIE) Structure Risks:</b> Many Chinese companies utilize the VIE structure to list on foreign exchanges, including U.S. exchanges, circumventing restrictions on foreign ownership. However, this structure is not formally recognized under Chinese law, posing legal uncertainties and potential regulatory risks. Changes in Chinese government regulations or legal interpretations could invalidate VIE contracts, leading to significant losses for investors.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRisksMember_zqEON071izB1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risks:</b> China’s tax laws and procedures are subject to frequent revisions, which may impact after-tax profits for investors. Uncertainties in tax rules could result in unexpected tax liabilities, affecting investment returns.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DelistingRisksMember_zyZN1rBOtQKc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delisting Risks: </b>Chinese equities listed on U.S. exchanges face regulatory scrutiny and potential delisting threats. Disputes over audit inspections and compliance with regulatory standards can lead to delisting actions, causing significant losses for investors.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyandEconomicPolicyRisksMember_znLpF6BWfrEf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">▪</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency and Economic Policy Risks:</b> China’s currency policies and economic reforms can result in currency fluctuations and economic volatility. Changes in monetary policies, interest rates, and exchange rate mechanisms can impact investor returns and market stability.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zrCek32ZMvQi"></span></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zEs125EmF9d5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk: </b>TAN’s exposure to securities denominated in non-U.S. currencies exposes it to currency risk. Fluctuations in currency exchange rates relative to the U.S. dollar can impact the value of URNM’s investments and, consequently, the value of its shares. Because TAN NAV is calculated in U.S. dollars, depreciation of non-U.S. currencies against the dollar can lead to a decline in TAN’s NAV, even if the value of its holdings measured in foreign currency increases. Currency exchange rates are highly volatile and subject to rapid and unpredictable changes, introducing uncertainty and potential losses for investors.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zD3h34QPQB29"></span></div> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z7tnhjphMCWi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk:</b> Investments in non-U.S. securities entail various risks not typically associated with U.S. investments. These risks include exposure to foreign currency fluctuations, political and economic instability, and differences in regulatory standards. Non-U.S. securities may also exhibit lower market liquidity and provide less publicly available information about issuers, leading to increased investment risk. Additionally, investments in foreign securities may be subject to withholding taxes, trading and settlement risks, and operational challenges. Differences in accounting, auditing, and financial reporting standards between U.S. and non-U.S. issuers further contribute to the complexity and potential volatility of investing in foreign securities.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zAb6cmLTvBng"></span></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zMFwwyn6nRHf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Securities Risk:</b> Emerging markets present unique investment opportunities but also carry heightened risks compared to more developed markets. These risks include greater market volatility, lower trading volume, political and economic instability, and uncertainties regarding the existence of robust trading markets. Securities in emerging markets may experience more significant price fluctuations due to factors such as regulatory differences, limited market liquidity, and potential market manipulation. Investments in emerging markets also entail risks related to limited access to capital, foreign investment restrictions, and less stringent investor protections. Additionally, emerging market issuers may have limited accountability and transparency, posing challenges for investors in evaluating their performance and financial stability.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ADRandGDRRiskMember_z3dbxHPLbcee"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADR and GDR Risk. </b>ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRisksMember_zFltawg5ik3e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Capitalization Risks:</b></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zlE2mCkmSlOl"></span></div> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zXlrXXqP0qOd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk:</b> Small- and mid-capitalization companies are more susceptible to adverse business or economic events compared to larger, more established companies. These companies often have limited financial resources and operational capabilities, making them more vulnerable to market volatility and economic downturns. Securities of small- and mid-cap companies typically trade in lower volumes and may experience greater price fluctuations, posing additional challenges for investors seeking stable returns. Additionally, these companies may face difficulties accessing capital and competing with larger competitors, further increasing their investment risk.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zNisYgH4qxig"></span></div> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationRiskMember_z5fCzvfO5YK"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Micro-Capitalization Risk:</b> Investments in micro-cap companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations.  Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations.  Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals.  In addition, less public information may be available about these companies.  The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z1ME6UiHV4a6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zDpyErN0JVk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top; padding-top: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2" style="padding-right: 2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 26%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; padding-right: 2pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 10%; padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="padding-top: 1.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 1.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="padding-top: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-right: black 1pt solid; padding-top: 2.65pt; padding-right: 2pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 39.96%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 45.46% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was -7.91%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zBfiq29w8Iyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zbpc7QFFQpGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zyM2ORpkC5k9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z6MxdNTPx33b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements.</b> The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zOnggZlOLhF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zZ2iR2ZMoyy" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zx5xvo6xvQ6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z7q2uM3NWhfh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_ztC4JJSL7Nc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zkxk0YSncANk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zGcQLZ41pAR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zkdMHm7XxWig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z7Dbzdo12Ku9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zej5qOHNYxt8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_ziBD0YP2mPM" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zabUsXDg8AYd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zpQvqKQbtnLg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zjjuGkBjTjI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z8BBlO7pxPBc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zrsPb6EcTPNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z15UHxohRyJ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zRQhogM2Vrq" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zHiBwtCkCrj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z4GWLHAR2DDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zXz1GKoUjawc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z1GQZl0LNMRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zAmepxT5oUd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s investment objective is not clear, particularly because the Fund’s investment objective focuses on the performance of the stock of a single issuer. Because the Underlying Security is a regulated investment company, the value of the Fund’s investment in swaps or options on the Underlying Security is likely not subject to these limitations. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zsUd5WlRM7Ca" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000085122Member_zhqThuwaR5N">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000085122Member_zGDqTq8NadC">When such information is included, this section 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 the Underlying Security and a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000085122Member_zMjA7j2nZU47">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000085122Member_zTHZ8JMOSko4">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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 the Underlying Security and a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT AMD ETF - FUND SUMMARY          Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zOotwOxKsMZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Advanced Micro Devices, Inc. (Nasdaq: AMD). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zxGlgH9rgZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zoIYYjkRVtQ8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zvNIupVcjkac" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98E_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096879Member_zxCvNNbRoM35" style="border-top: black 1pt solid;padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F60_zHKV8k6FaDyj">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49C_20260825__20260825__oef--ClassAxis__custom--C000265871Member_zUhdMcQ4S5Ca" style="border-top: black 1pt solid;"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%; text-align: center"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dp_zvr5Tzg73M75" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zCM3thBGI4x7" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dp_zBusYPB0pXMf" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-bottom: black 1pt solid;text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zIol3O6UZhxd" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F44_zTcHMjmgyEvg">(2)</sup></span></td> <td style="border-bottom: black 1pt solid;text-align: center"><span style="font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zDgoB9QZDGO6" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F4A_zfyW17smxhrb">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double;text-align: center"><span style="font-size: 10pt">1.30%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid;"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid;"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F08_z3N2spuqIMVc">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_zp9B6WlYLdEa" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F01_z61sPZ0NAf2a">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F11_zz9cqx7YzHZb" style="font-size: 10pt">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. <span id="xdx_903_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260825__20260825__dei--LegalEntityAxis__custom--S000096879Member_zHZhRTylSnIc">Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F00_zXhTk15CDdEd">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F18_z5kkxa8oHxqh" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0000 0.0001 0.0130 Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zjiOs5Kc1o8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z39rr2bqi9P9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z0F8IhKssJvc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zGwyX0iJSmD4" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zMWsmuv9qi1d" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_416_20260825__20260825__oef--ClassAxis__custom--C000265871Member_zaFosBW5s6zg" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$132</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$412</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> 132 412 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zBUHXuVivPJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of November 13, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_90E_eoef--PortfolioTurnoverRate_dp_c20260825__20260825__dei--LegalEntityAxis__custom--S000096879Member_zCsbQMBRoyWj">0</span>% of the average value of its portfolio. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zFErimKGfJs6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096879Member_zOEIXUqgdEMk">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">AMD</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Advanced Micro Devices, Inc. (Nasdaq: AMD).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advanced Micro Devices, Inc. is a global semiconductor company. Semiconductors are components used in a variety of electronic products and systems. AMD operates through three reportable segments: data center, client and gaming, and embedded. AMD is listed on The NASDAQ Global Select Market <span style="color: #333333">(“Nasdaq”)</span>. Per AMD’s most recent Form 10-K filing, as of June 28, 2025, the aggregate market value of AMD’s common stock held by non-affiliates of AMD (based on the last reported closing share price as reported on Nasdaq on June 27, 2025) was approximately $232.3 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AMD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by AMD pursuant to the Exchange Act can be located by reference to the SEC file number 001-07882 through the SEC’s website at www.sec.gov. In addition, information regarding AMD may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of AMD or other securities of Advanced Micro Devices, Inc. The Fund has derived all disclosures contained in this document regarding AMD from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to AMD. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding AMD is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of AMD (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning AMD could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of AMD.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">ADVANCED MICRO DEVICES, INC.</span> THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">ADVANCED MICRO DEVICES, INC.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">Advanced Micro Devices, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">Advanced Micro Devices, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">Advanced Micro Devices, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">Advanced Micro Devices, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by AMD or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, AMD is assigned to the Semiconductors &amp; Semiconductor Equipment industry .</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmdPriceAppreciationRiskMember_z8LZ3c4fL5be" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>AMD Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of AMD common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInAmdRiskMember_zzbQMfAywpAi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in AMD Risk.</i> Advanced Micro Devices, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">Advanced Micro Devices, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AMDGoodPerformanceRiskMember_z0VFUL77Bdb2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>AMD Good Performance Risk</i>. AMD may meet or exceed its publicly announced expectations or guidelines regarding its business, which could potentially lead to a rise in the share price of the Underlying Security. AMD regularly provides guidance concerning its anticipated financial and business performance, including revenues from data center products, gaming hardware sales, artificial intelligence (“AI”) related semiconductor demand, gross margins, profitability, and cash flows. Factors that could contribute to AMD’s outperformance include rapid adoption of AI technologies and increased cloud and enterprise spending on AI-optimized processors, the successful launch of new architectures or products or adaptive system-on-chips (“SoCs,” which integrate multiple components such as processors, memory, and input/output controllers onto a single chip) ahead of competitors, and broader favorable industry trends such as expanding semiconductor demand driven by gaming, automotive electronics, and fifth-generation (“5G”) wireless networks. In addition, securing major supply agreements with hyperscale cloud providers, gaming console manufacturers, or AI companies could materially boost investor confidence and drive share price appreciation, as could upgrades by equity analysts, favorable earnings revisions, industry awards, or inclusion in prominent market indices. If AMD’s guidance is accurate or varies positively from actual results, or if any of these developments occur, AMD’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zS7mkCbXkpG7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance AMD’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in AMD’s stock price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zomRHUsWRhb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zCUkmMQGTgXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 55.57%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 66.70% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 43.94%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_z2q96G27D8d5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zHnAD9y6TuA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zOgdmvbTdY01" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zZeVoEyUJeHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zMEoWy5DFGQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z0NRAjExhRRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zzEyfPln7cI7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zdYLUE46gC48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z8Wy2iLmxi6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zhIbeDUBGVbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zLZTj67ulaR5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zeimQa6mHwY3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zaP1SbbpGmv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zrDRCw5UWSxj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zDoNF8N0DYYd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_ziMr3LONcjc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zfmrbMTIsxei" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zwwW1kBWz4R3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zxr8pVMjlRvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zgCxtcQG7Z5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zGffjKhM12L5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_z0kbjj5MC0e1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zWYVnpClzIvk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zFvGkN8sY8e5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_ztEkTa6Mdstb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z2lzEGRTuLmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zK77GaWIQ8Yk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zg4pwuMpD9zd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096879Member_zL6JC23LCl11">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096879Member_zxzJ4lv9uenf">When such information is included, this section 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.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096879Member_ztIJZbAlh6f4">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096879Member_zpMdHrRsdXUd">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT APP ETF - FUND SUMMARY           Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_z8VHmBF5owCb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of AppLovin Corporation (Nasdaq: APP). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zGvrA1WnsA6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zoD04KsKGlK"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z4fXVneohype" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096889Member_zEg7uOaN5it3" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F66_zuXrGFw1qAN8">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_498_20260825__20260825__oef--ClassAxis__custom--C000265881Member_zFmDAOoI83Hg" style="border-top: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%; text-align: center"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp_z4l4ix5gxDLe" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29 %</span></td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dp_zpoqpgxUv335" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_z4F9Gj8Y4fA5" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F42_zvpkIEWHHYTl">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dp_zL0JVcToTLz3" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F4B_zTj9HHagjQJg">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0A_zSuGqJtb0Vwh">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F17_zv5IcDHPFAsc" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0C_zf23Yu2N1Ttc">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_za9g94HopLu6" style="font-size: 10pt"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096889Member_zrlC1gJHnNgg">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F00_zSrqWUAs51E8">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_z9nKmwW5Ph3a" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zKjaNadUWid8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFLIlZGGZxwe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zPnd5O5nSHc9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zNR98d5RuhOb" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zoVOT00AFMek" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_41B_20260825__20260825__oef--ClassAxis__custom--C000265881Member_zFs5mz4jnUj2" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_z7avwLkzcz81" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zvJwQxSR6Ig7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096889Member_z8wjBZvnvXOa">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">APP</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of AppLovin Corporation (Nasdaq: APP).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">AppLovin Corporation is a leader in the advertising ecosystem providing an end-to-end software platform that allows businesses to reach, monetize and grow their global audiences. APP’s advertising solutions primarily operate in its globally diversified portfolio of apps — free-to-play mobile games that it operates through its studios. APP is listed on The Nasdaq Stock Market LLC (“Nasdaq”). Per APP’s most recent Form 10-K filing, </span>as of June 30, 2025, the aggregate market value of APP’s voting and non-voting common equity held by non-affiliates of APP (based on the last reported closing share price of APP’s Class A common stock on Nasdaq on June 30, 2025) was approximately $102.7 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">APP is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by APP pursuant to the Exchange Act can be located by reference to SEC file number </span>001-40325 <span style="color: #333333">through the SEC’s website at www.sec.gov. In addition, information regarding APP may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of APP or other securities of AppLovin Corporation. The Fund has derived all disclosures contained in this document regarding APP from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to APP. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding APP is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of APP (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning APP could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of APP.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">APPLOVIN CORPORATION</span>. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">APPLOVIN CORPORATION</span>.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">AppLovin Corporation </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">AppLovin Corporation </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">AppLovin Corporation </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">AppLovin Corporation</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by APP or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, APP is assigned to the Software industry .</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--APPPriceAppreciationRiskMember_zIq6D5IVxVtb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>APP Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of APP common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInAppRiskMember_zghqLxNoO5o6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in APP Risk.</i> AppLovin Corporation is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">AppLovin Corporation</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--APPGoodPerformanceRiskMember_ze2MZDNDqIxb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>APP Good Performance Risk</i>. APP may meet or exceed its publicly announced expectations, potentially driving its stock price up. The company provides a software platform for mobile app developers, including advertising and analytics tools. Its share price may be bolstered by strong demand for mobile app monetization, rapid growth in in-app purchases or user engagement, successful expansion of its software development kits (“SDKs,” which are toolkits enabling integrated ad targeting and analytics in mobile apps), partnerships with mobile game developers, and positive analyst ratings or media recognition. If these trends materialize, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zvpd5ksiiYXj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance APP’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in APP’s stock price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zvKMx9YmEzTb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zE1DwbxkOkr3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026, was 76.15%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 90.05% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 46.93%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zsWNhTmRWbwi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zMQzA2Fzxe3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zbiQbwUpQ1Mg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zgjf3iszLZZi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z0A3KxDb5T1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zOjOWfyl64zb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zUL0Bs61fl1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z8IKMl1s7xie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zxwAPxlaLYf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zdwfYXpJgs0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zSu19rIQFOLb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zjunFn1ApYyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z6cAUI2e9Yll" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zm5nyEpAoVqh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zGJuhHst6ade" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zglaRjrRKwE6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zXN7I3StInu3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zSamgmkgPkSg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z1coqe2Sgfs5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zLa8K3leX5W7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zFJYKIyIiRH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zodZJ7Gp3yPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that th Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwGTNITNZlb6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zNk4VGWex7h8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zwuy7DNrN6V1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zItELJCj0n7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zViUOdhhowSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zflbGuGMY4P2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_904_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096889Member_zqB3xoRsiuni">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096889Member_z6kATaQM4ljj">When such information is included, this section 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.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096889Member_zwb5x2bXisgj">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096889Member_ziRPB4XN4i2f">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT ASTS ETF - FUND SUMMARY           Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zyL4wX18jHr7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of AST SpaceMobile, Inc. (Nasdaq: ASTS). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zbPEtVRZpKfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zaUm6vXbb3A5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zifiJNZl6o7l" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_980_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096890Member_zLSLrkOCYHXg" style="border-top: black 1pt solid;padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6B_zBeAqQVvYPQ8">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_492_20260825__20260825__oef--ClassAxis__custom--C000265882Member_zUxmQP8yGqI5" style="border-top: black 1pt solid;"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dp_zwePUx8E4cd9" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29 %</span></td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp_zevWaw9CymQ5" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dp_zCnrPDeRHKG2" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-bottom: black 1pt solid;text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dp_zanZvJ7yFhHk" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F49_zvvnio0IDyMk">(2)</sup></span></td> <td style="border-bottom: black 2.25pt double;text-align: center"><span style="font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid;"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid;"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0B_z0WJj2cA12w">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F11_zNAUoIDAiNh7" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F00_z1eBKaim5Vo3">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_zj1WrvseWWea" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0">  </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Expense Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zGC6DaMrQIig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGh3xxGtMAmk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zPoKf0mRsF3a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zOjqyS4DD7l8" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_z5nplx3sSAgi" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_41A_20260825__20260825__oef--ClassAxis__custom--C000265882Member_z6kMj5sfx1I8" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$415</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zg1mFPFpPan1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of February 5, 2026 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260825__20260825__dei--LegalEntityAxis__custom--S000096890Member_zoc1sgwuYHzg">0</span>% of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 0 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zhU3Dbc8uMfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_906_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096890Member_zGgIVFHLPkR8">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">ASTS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of AST SpaceMobile, Inc. (Nasdaq: ASTS).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">AST SpaceMobile, Inc. is developing a satellite based cellular broadband network that connects standard mobile phones directly to spaceborne platforms. ASTS is listed on The Nasdaq Stock Market LLC (“Nasdaq”). Per ASTS’s most recent Form 10-K filing, the aggregate market value of the voting common equity held by non-affiliates of ASTS (as of June 30, 2025) was approximately $11,664.7 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">ASTS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by ASTS pursuant to the Exchange Act can be located by reference to SEC file number </span>001-39040 <span style="color: #333333">through the SEC’s website at www.sec.gov. In addition, information regarding ASTS may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of ASTS or other securities of AST SpaceMobile, Inc. The Fund has derived all disclosures contained in this document regarding ASTS from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to ASTS. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding ASTS is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ASTS (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning ASTS could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of ASTS.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">AST SPACEMOBILE, INC</span>. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">AST SPACEMOBILE, INC</span>.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">AST SpaceMobile, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">AST SpaceMobile, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">AST SpaceMobile, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">AST SpaceMobile, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by ASTS or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, ASTS is assigned to the Diversified Telecommunication Services  industry.</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ASTSPriceAppreciationRiskMember_zsSqizaBHsFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ASTS Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of ASTS common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInAstsRiskMember_zzoU5UkL9Yma"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in ASTS Risk.</i> AST SpaceMobile, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">AST SpaceMobile, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ASTSGoodPerformanceRiskMember_zFrzWCSQzEtg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>ASTS Good Performance Risk</i>. ASTS may exceed its publicly stated milestones, potentially increasing its share price. The company is developing a space-based cellular broadband network using low Earth orbit (“LEO”) satellites, which orbit close to Earth to reduce latency. Upside factors include successful satellite constellation deployment, securing partnerships with mobile network operators, winning regulatory approvals, expanding coverage to underserved regions, and favorable analyst or media attention. If any of these developments occur, ASTS’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zFsoEP0G2yS3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance ASTS’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in ASTS’s stock price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zhvyjsbiYSla" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zXFqwcbLu4d2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 103.98%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 122.47% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 46.98%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zXgs5j97grUi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_z8KBjKHUj8gd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zhT3M1TWwwB2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zUVx6ddvHJAj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zuHmetzucYJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWqPQLtazZh4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zE3EpaP48gjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zoA47DMbgqsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zb60wN5l97ig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zAni1XnL3yki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z1zVpoVTqNbb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zVy4tf0b0h5e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_ztOlaXaKR3c9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zaPu3GHMwcm7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zatjAP9koNQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zbrdjijcYgV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zpcRl2cl5QFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zkClwsEOndck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zORh1ymFcxX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zkCKqhRvg992" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zbEOhvWGztd8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zsa9ByNEgS42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zb7sC4nwLZbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zn3aOOUYYdLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z4odgWh8suTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zNGKO4ohDVI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zzKdqKUVjBij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zGUHVTOkovZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096890Member_zuiQIn7XBCe8">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096890Member_zWIPSufzWBS7">When such information is included, this section 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.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096890Member_zmyABPisHo4h">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096890Member_zlqJNdKJUQ0g">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT AVGO ETF - FUND SUMMARY         Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zPtz1BMp9Smh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Broadcom Inc. (Nasdaq: AVGO). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zpANun0UgB0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zAitrL5Zqm44"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zA1oeFT8Ujd4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98B_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096891Member_zaie1v0CF36a" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6D_zAHJvSHJJvMg">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_491_20260825__20260825__oef--ClassAxis__custom--C000265883Member_zYIvyZpQjs0j" style="border-top: black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_zmpg0kEo1Lsj" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp_zt1En8pNmIj8" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dp_z4kJMKpVtYGk" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4A_zJXTs0S7meoa">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dp_zpbZOHIluoNf" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F40_zRORl7nF5Af1">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F01_z34Mc63XOoR6">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1D_zWkdzggiZaXl" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0E_zM6uZlJzs1mk">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1C_zGc9Zdd8oBSg" style="font-size: 10pt"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096891Member_z6b4TGhWAKRd">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0A_zDGO6t1ic8Q6">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_zZ4JWDzSJ8kf" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zUn5MOjyikEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3AtGmKSYLJ3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z8CiAQpm2MA5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zWVkS7aHXpW" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zQhuSmzgnuUi" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_414_20260825__20260825__oef--ClassAxis__custom--C000265883Member_z4VRjZGuJLHj" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zFVM0qf19Oo" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zbAWtHN9zmu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096891Member_zQWAHRldRJv1">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">AVGO</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Broadcom Inc. (Nasdaq: AVGO).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">Broadcom Inc. is a global technology company that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. AVGO leverages global engineering expertise and an extensive patent portfolio to develop high-performance semiconductor devices and system-on-chip (SoC) solutions for niche markets, with applications ranging from data center networking to factory automation, renewable energy, and automotive electronic solutions. AVGO’s infrastructure software and hybrid-cloud solutions, including those acquired with VMware, enable leading companies and government agencies to manage and secure complex IT environments, enhancing scalability, agility, and security. AVGO is listed on the Nasdaq Global Select Market (“Nasdaq”). </span>Per AVGO’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates of AVGO (based on the last reported sale price of its common stock on May 2, 2025, on Nasdaq) was approximately $939.2 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">AVGO is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by AVGO pursuant to the Exchange Act can be located by reference to SEC file number </span>001-38449 <span style="color: #333333">through the SEC’s website at www.sec.gov. In addition, information regarding AVGO may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of AVGO or other securities of Broadcom Inc. The Fund has derived all disclosures contained in this document regarding AVGO from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to AVGO. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding AVGO is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of AVGO (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning AVGO could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of AVGO.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">BROADCOM INC.</span> THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">BROADCOM INC.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">Broadcom Inc. </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">Broadcom Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">Broadcom Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">Broadcom Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by AVGO or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, AVGO is assigned to the Semiconductors &amp; Semiconductor Equipment  industry.</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AVGOPriceAppreciationRiskMember_zT48Dw4WfrEa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>AVGO Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of AVGO common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInAvgoRiskMember_zblDU5bwLwe1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in AVGO Risk.</i> Broadcom Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">Broadcom Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AVGOGoodPerformanceRiskMember_z0zG6gOTxsj1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>AVGO Good Performance Risk</i>. Broadcom Inc. may meet or exceed its forward-looking guidance, which could lift its stock price. The company designs semiconductors and infrastructure software across data center, networking, storage, broadband, and wireless markets. Factors that could drive share price appreciation include robust demand for data center infrastructure, expansion in 5G (“fifth-generation,” the latest mobile network standard offering higher speeds and bandwidth), winning large-scale enterprise or hyperscale cloud contracts, successful launch of next-generation chip architectures, and positive investor sentiment fueled by analyst upgrades or industry awards. If any of these developments occur, AVGO’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zS9FaPhsKMwl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance AVGO’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in AVGO’s stock price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zAVrfSft0J4i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zoGQgDA7iKej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 43.31%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 60.28% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 51.24%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_z1f6CPQFSsS1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_z8lsjUPryZWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zoC9qCDOrQM5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zn9lOhRpyZV2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zKIJ2anWixmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zYKbPTQN2lRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zhOG5vvSbU2g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zPVjU7E5w1M8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zSC1U7dSsQ25" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zv5MZemOVSD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zcOsG4cWtTe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zQw67cnQLu7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zuI2AidO05Pf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zLAIBxHazO9a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z4S6I7raRzye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zX4PJm23E6U" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zMD3ji6Kr5ob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z44CdfEYCQ4l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zXCdVugJEnnd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zNT6ZqSNOYMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zAhY56B6wQR1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z65KDoWWvsYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zErt7ppGftnk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z6Xyq6tJzuU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zYVPuos2FFG5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zL9zKb8AmASb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zrKSkbITxRKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zt4I1twpvpyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096891Member_zm6Ut8uXWqr5">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096891Member_zcczXId5vO46">When such information is included, this section 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.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096891Member_zP3llto52je6">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096891Member_zaOTN93BF6u9">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT BBAI ETF - FUND SUMMARY          Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zqmFQCpYa8Ub" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of BigBear.ai Holdings, Inc. (<span style="color: #333333">NYSE</span>: BBAI). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_z5oiyNERNmz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zvSdZM0rrsd4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zUwMXI9ET177" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98A_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096892Member_zVWyPRMzZ7J1" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6A_zFbMhBmYBBS1">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_490_20260825__20260825__oef--ClassAxis__custom--C000265884Member_zwYOgFbattQf" style="border-top: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dp_zZk0YnrvLn1e" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dp_zZLrShTgN455" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dp_z5v8baiCS7V4" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F44_z7vbOpBufMEd">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dp_zmLEvxpceVZi" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F4C_z6K2Oc1HTAM9">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F05_zr1Ye5bkgCR4">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F11_zPZS07Ds2RTf" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F04_z7XFvdsF45z2">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_zfGwR8bJKEEd" style="font-size: 10pt"><span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096892Member_zmGlvdGeaEql">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F04_zRb3saLo4JT5">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F17_zbhQPuB7HCUh" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zCduDflPqhu" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXEzk4c3RAg6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zv8UL0QBZrf1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zgub5EkUA4gb" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zJFpvdJ8ko8e" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_410_20260825__20260825__oef--ClassAxis__custom--C000265884Member_zK6gRZm3oK7e" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zo2x37uvaCq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zyxeDgJc8hN5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096892Member_z9Chb3m8zJrl">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">BBAI</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of BigBear.ai Holdings, Inc. (NYSE: BBAI).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">BigBear.ai Holdings, Inc. offers artificial intelligence (“AI”) powered decision intelligence, predictive analytics, and visual computing for defense and commercial customers. BBAI’s core industries are national security, travel and trade. BBAI is listed on the New York Stock Exchange (“NYSE”). Per BBAI’s most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates of BBAI (based on the closing price of its common stock on June 30, 2025 on the NYSE) was approximately $2.5 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">BBAI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by BBAI pursuant to the Exchange Act can be located by reference to SEC file number </span>001-40031 <span style="color: #333333">through the SEC’s website at www.sec.gov. In addition, information regarding BBAI may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of BBAI or other securities of BigBear.ai Holdings, Inc. The Fund has derived all disclosures contained in this document regarding BBAI from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to BBAI. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding BBAI is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BBAI (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning BBAI could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of BBAI.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">BIGBEAR.AI HOLDINGS, INC</span>. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">BIGBEAR.AI HOLDINGS, INC.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">BigBear.ai Holdings, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">BigBear.ai Holdings, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">BigBear.ai Holdings, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">BigBear.ai Holdings, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by BBAI or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, BBAI is assigned to the IT Services  industry.</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BBAIPriceAppreciationRiskMember_z1DpcIPjyxwl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>BBAI Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of BBAI common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInBbaiRiskMember_zXzXzbDmWbKh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in </i>BBAI <i>Risk.</i> BigBear.ai Holdings, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">BigBear.ai Holdings, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BBAIGoodPerformanceRiskMember_z7yQKbFB6Rtb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">BBAI <i>Good Performance Risk</i>. BigBear.ai Holdings, Inc. may surpass its publicly issued objectives, potentially boosting its share price. BBAI offers AI -powered analytics and cybersecurity solutions across defense, supply chain, and critical infrastructure sectors. BBAI’s stock may benefit from increased government spending on AI-driven analytics, securing new defense or enterprise contracts, scaling platform capabilities, or positive coverage in defense and tech industry reports. If BBAI’s guidance is accurate or varies positively from actual results, or if any of these developments occur, BBAI’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zdTIacvI64gk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance BBAI’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in BBAI’s stock price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zsoIINau61Yb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zattSUJcr4be" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 128.63%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 130.97% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was -17.91-%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zvCZKbft3IOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_z6l7tAMWdSDi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_znScd9MqIw15" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zFwxpBFe7ITi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zbg4quswWZy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ziow8yjrXFk2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zw5sehjDFLe4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zDEo6gDK6xxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zGqHWWNoyeuj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zmM1I8P8RlBd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zdgp4AvufMh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z2Jib9cxBTRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zfcFbe26uoNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_ziIV2sY5kjG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z9ozMzcCV9P6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zyTbxxmKgmuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zwSNWjUJP1S4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zuyytnSKk014" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z2qcn19ZigPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z0tOUogaxqXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zLpzz12Qbx56" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zyspk6FEP4Di" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwsbBG640BPl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zQw25mZxZHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zPwR3DqIskz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zC2rg2zKsEXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zuepsi6NPv6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zMD41w6J3JMl"></span></div> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zhII7mMGhnsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_906_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096892Member_z7yf4WnH3btk">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096892Member_zViSImjbsUc6">When such information is included, this section 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.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096892Member_z2QaRaAZjvm5">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096892Member_ztiiOP1Sgs02">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT BMNR ETF - FUND SUMMARY          Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zGh3NUEhikRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of BitMine Immersion Technologies, Inc. (NYSE: BMNR). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zewRWF9O2Zkf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zgAptiM2H0lf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zMLVJXkRh77e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_987_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096893Member_zrIkxN3y4IV6" style="border-top: black 1pt solid;padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F62_zQFUMfD4BQ1g">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_494_20260825__20260825__oef--ClassAxis__custom--C000265885Member_zhH0ESGYa8Eh" style="border-top: black 1pt solid;"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zHpTANmACEdf" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dp_zghV4yqGzx6k" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dp_zXbFVDj9q6Vf" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-bottom: black 1pt solid;text-align: center"><span style="font-size: 10pt">0.11%</span></td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp_zZgezkXWs2U2" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F49_zCjSOv7sylwf">(2)</sup></span></td> <td style="border-bottom: black 2.25pt double;text-align: center"><span style="font-size: 10pt">1.40%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid;"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid;"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0C_zOWPSEYDiGJf">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_zZhkN2KHsX25" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F09_zU50RK7O6t9e">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_zPwnt46mcYs3" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0011 0.0140  Expense Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_znjMIkXgl3I6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcYx3fhHqvKj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zLllSUc2YCP1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zvBICmGnmSU2" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_znb1hgwhTLa3" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_419_20260825__20260825__oef--ClassAxis__custom--C000265885Member_z9TsJFpDJkj2" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$140</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$443</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 140 443 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zzm0P725dABj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of November 12, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_907_eoef--PortfolioTurnoverRate_dp_c20260825__20260825__dei--LegalEntityAxis__custom--S000096893Member_z3FIi83TxCo7">0</span>% of the average value of its portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 0 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zVg6pDaXQE8i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_902_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096893Member_z1BfTb81ksW1">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">BMNR</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of BitMine Immersion Technologies, Inc. (</span>NYSE<span style="color: #333333">: BMNR).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">Bitmine Immersion Technologies, Inc. is a U.S.-based digital asset technology company focused on acquiring, holding and actively managing the native cryptocurrency of the Ethereum Network (Ethereum) as its primary treasury reserve asset. Beginning in 2025, BMNR refined its business priorities to focus on digital asset ecosystem services and disciplined digital treasury management. BMNR is listed on the NYSE American (“</span>NYSE”)<span style="color: #333333">. Per BMNR’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates of BMNR (based on the closing price of its common stock on February 28, 2025 as reported on the </span>NYSE American<span style="color: #333333">) was approximately $4,383,765.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">BMNR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by BMNR pursuant to the Exchange Act can be located by reference to SEC file number </span>001-42675 <span style="color: #333333">through the SEC’s website at www.sec.gov. In addition, information regarding BMNR may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of BMNR or other securities of BitMine Immersion Technologies, Inc. The Fund has derived all disclosures contained in this document regarding BMNR from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to BMNR. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding BMNR is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BMNR (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning BMNR could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of BMNR.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">BITMINE IMMERSION TECHNOLOGIES, INC</span>. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">BITMINE IMMERSION TECHNOLOGIES, INC.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">BitMine Immersion Technologies, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">BitMine Immersion Technologies, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">BitMine Immersion Technologies, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">BitMine Immersion Technologies, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by BMNR or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, BMNR is assigned to the Software industry .</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--BMNRPriceAppreciationRiskMember_zLgSKVmuLs2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>BMNR Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of BMNR common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInBmnrRiskMember_zGjCc9HSJHlc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in BMNR Risk.</i> BitMine Immersion Technologies, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">BitMine Immersion Technologies, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BMNRGoodPerformanceRiskMember_zaFrhpCkcQc3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>BMNR Good Performance Risk</i>. BMNR may meet or exceed its publicly announced milestones, which could result in a rise in its share price. The company’s stock performance could be positively influenced by successful deployment and scaling of mining operations, expansion into new low-cost energy regions, improvements in mining efficiency and reduced operating costs, growth in cryptocurrency prices, favorable trends in digital asset markets, and enhanced investor sentiment driven by analyst upgrades or media coverage. If any of these developments occur, BMNR’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zT6AXaH0WuP7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance BMNR’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in BMNR’s stock price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Ethereum Performance Risk. </i>If the market value of Ethereum, which BMNR has adopted as its primary treasury reserve asset, appreciates materially, the value of BMNR’s stock could increase, which would adversely impact the performance of the Fund. Furthermore, broader acceptance of digital asset as a corporate treasury reserve, together with potential regulatory approvals, could enhance BMNR’s financial position, thereby magnifying potential losses incurred by the Fund.</p></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z3vCfkcT6GFc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zmF11820jTJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 292.69%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 384.22% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 12.32%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_znsKvVfxPC91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zDSD7EKQJMn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zUI3Xasxe3He" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zjrGhtXst2K4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z4h59579zcna" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zyNIn8H7v9fd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z6GHa0dQgEjj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zghS4MrO8Ls8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zS2RVfOWzFhj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zEJvgClP6NS1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z0GmqZjmy9og" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zv79ME1SKIb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z6jCu0vpbhXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zoJTeKnha58i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zKZXpCgMWBSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zOsjO8NibIh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquiditysRisksMember_zX9m9f8jf0Ob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zEProZb0JYfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z4mfAPyzHKT6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zJySpwUngeyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z2JEWNVzKXif" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zmZhUsXNUu9d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zVYCfzPusPt" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zIIwE5kVfY7g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zSFiLHW5Kj6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zcGctA7JZBHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z5aoyIM0EHZ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zQ5K1MX0Agy3"></span></div> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zRtx0ocjT505" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096893Member_zMQOqt2OZkka">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096893Member_zQDqnCvt9Jyc">When such information is included, this section 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.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096893Member_zDNfjRcNcu2j">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096893Member_z3fdN2dthgzk">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT CRCL ETF - FUND SUMMARY          Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zruTdftwqiK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zW2is8NuKDc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zFMMZwHWyL16"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zm0gI5ceuYpl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_985_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096894Member_zgx9SuC2ILB8" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F62_zMXrJPMBhRNh">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49B_20260825__20260825__oef--ClassAxis__custom--C000265886Member_z7VfqbLW7chk" style="border-top: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dp_z9ct9b7PSzA7" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dp_zUcG2YKxXBxi" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dp_z4VrFKP0hZV2" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4E_zcGm7PHD0cec">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zVPDdJqYfCyi" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F46_zLaELaTSvBX6">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F04_zaK2v81PJspg">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1B_z3BdFXL90SSc" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F06_zi59y08M7uBj">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1B_zpeRh6OPBnKh" style="font-size: 10pt"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096894Member_zRKEzfZwzujd">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0C_zAT4uBc8Xnoh">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F16_zauDYWXdXh8" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zaVqlzidfz5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5iAJImXfhJi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zyZ4Wj7CAGv4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zpej6U44j8Al" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zs5XtiehjvD5" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_417_20260825__20260825__oef--ClassAxis__custom--C000265886Member_zyvokUMxqwr5" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z9ufEwiwXSqj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zz4DDizvVBU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90A_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096894Member_zKbATgHVbHPj">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">CRCL</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Circle Internet Group, Inc. (NYSE: CRCL).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Circle Internet Group, Inc. is a global financial technology firm that specializes in digital currencies and blockchain technology. CRCL’s full-stack internet financial platform business is anchored by its stablecoin network. CRCL is the issuer of the USDC stablecoin, a crypto asset designed to be pegged to the U.S. dollar, EURC stablecoin, a crypto asset designed to be pegged to the euro, and USYC, a tokenized money market fund. CRCL also provides various services and platform application programming interfaces (“APIs”) for payments, commerce, and other financial applications. Per CRCL’s most recent Form 10-K filing, the aggregate market value of CRCL’s voting and non-voting common equity held by non-affiliates of CRCL (based on the last reported closing share price of CRCL’s Class A common stock on NYSE on June 30, 2025) was approximately $37.6 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">CRCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by CRCL pursuant to the Exchange Act can be located by reference to SEC file number </span>001-42671 <span style="color: #333333">through the SEC’s website at www.sec.gov. In addition, information regarding CRCL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of CRCL or other securities of Circle Internet Group, Inc. The Fund has derived all disclosures contained in this document regarding CRCL from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to CRCL. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding CRCL is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CRCL (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning CRCL could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of CRCL.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">CIRCLE INTERNET GROUP, INC.</span> THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">CIRCLE INTERNET GROUP, INC.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">Circle Internet Group, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">Circle Internet Group, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">Circle Internet Group, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">Circle Internet Group, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by CRCL or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, CRCL is assigned to the Software industry .</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CRCLPriceAppreciationRiskMember_z51ple0nJE9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>CRCL Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of CRCL common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInCrclRiskMember_zdfpzhXGqtN2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in </i>CRCL <i>Risk.</i> Circle Internet Group, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">Circle Internet Group, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CRCLGoodPerformanceRiskMember_zUGE2GHKSbFi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt">CRCL <i>Good Performance Risk</i>. CRCL may meet or exceed its publicly announced objectives, which could lead to an increase in its share price. As a global fintech company and leader in the stablecoin market, Circle’s performance may be driven by strong demand for its digital payments and blockchain infrastructure, growth in adoption of stablecoins (cryptocurrencies designed to maintain a stable value), expansion of partnerships with financial institutions and tokenization platforms, favorable regulatory developments, and positive investor sentiment bolstered by analyst upgrades or media coverage. If any of these developments occur, CRCL’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_ztpEtkML5uxh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance CRCL’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in CRCL’s stock price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z4nKDAGu7ci9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zMIhMMq0mPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the period from June 4, 2025 (the earliest date available) to June 30, 2026 was 147.04%. The Underlying Security’s annualized performance during this period was 15.09%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_z4aPRs4Lm5bg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zJoCFhr9tWt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zMtxVWj8w5O8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zeZpbPvLGnW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zdNzggT0Eeh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zGsiQMlpj2y6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zWRInQQMdOnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zoBMQcnI4MVk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zRPjSF7hFVb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z31BVnHWHMig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zpsnjwo9efDc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zPr7THxCBTJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zqWKrV1YcYMg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zzgkP6JD7Do8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zFbDZaT2o0C" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zY9W1QDqGzB1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zHTbZz8cfXB" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zARr3TW4PhNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zwYghunyHGKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_znLFOUvw2euk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zxV6ezqJR9Fa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zD0JXIvQHB64" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that th Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z6iX2tQtQujc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zRfusXPf4HZe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zt1CHrJUzBXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zyFfs5WEtz9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zNOgXHhxV8n9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zD2PsHKzuYKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096894Member_zqW8c0M2chy6">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096894Member_z3eFlvoO7ta">When such information is included, this section 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.</span> <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096894Member_z5AbgUpoGTMc">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096894Member_zniHnBf72mz">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT HIMS ETF - FUND SUMMARY          Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z1rEBLnL7yRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Hims &amp; Hers Health, Inc. (NYSE: HIMS). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zcSpNwAsZcta" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zizKGNq0LIE4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zxBOaH3azRM9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096895Member_zsPpHXA3ySu8" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F66_z94142ZvsyO7">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49D_20260825__20260825__oef--ClassAxis__custom--C000265887Member_zlJA8mNwNlM6" style="border-top: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_zQAN4nSfmtc7" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dp_zVITMBjAkoje" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dp_zF3Fzeg4idKk" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4C_zbEhNqbN6dYi">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zfEvRUoNsIvb" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F4D_zjfWegkKSTjb">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0E_z6lEGMvHHyUk">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F13_zx3kN29LmEph" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0D_zVPYwXAyhPf9">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F13_z8luARMQzDu9" style="font-size: 10pt"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096895Member_zXzvIIPGfI6g">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0E_zuDBE4u2OI7k">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1B_zSHDhBj4QtNb" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zH8BXlQmP95c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZWMm6t99Adg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z2ri3GE6oufd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zmggIxGPtBGf" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_z9dc5GJeEQA7" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_415_20260825__20260825__oef--ClassAxis__custom--C000265887Member_ztd23epAc8kd" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_znolxzbLDxH7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zbR30sYIpL27" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_902_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096895Member_z1JFnRSR36xf">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">HIMS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Hims &amp; Hers Health, Inc. (NYSE: HIMS).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">Hims &amp; Hers Health, Inc. is a consumer-first health and wellness platform focused on providing modern personalized health and wellness solutions to consumers. HIMS offers access to a range of health and wellness products and services available for customers to purchase through its websites and mobile applications. HIMS is listed on the New York Stock Exchange (“NYSE”). Per HIMS’s most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates of HIMS as of June 30, 2025 (based on the closing price of its Class A common stock on June 30, 2025 on the NYSE) was approximately $10.1 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">HIMS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by HIMS pursuant to the Exchange Act can be located by reference to SEC file number </span>001-38986 <span style="color: #333333">through the SEC’s website at www.sec.gov. In addition, information regarding HIMS may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of HIMS or other securities of Hims &amp; Hers Health, Inc. The Fund has derived all disclosures contained in this document regarding HIMS from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to HIMS. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding HIMS is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of HIMS (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning HIMS could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of HIMS.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">HIMS &amp; HERS HEALTH, INC.</span>.THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">HIMS &amp; HERS HEALTH, INC.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">Hims &amp; Hers Health, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">Hims &amp; Hers Health, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">Hims &amp; Hers Health, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">Hims &amp; Hers Health, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by HIMS or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, HIMS is assigned to the Health Care Providers &amp; Services  industry.</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HIMSPriceAppreciationRiskMember_zzOhonuciP7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>HIMS Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of HIMS common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInHimsRiskMember_zBOg80H2FEk7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in HIMS Risk.</i> Hims &amp; Hers Health, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">Hims &amp; Hers Health, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HIMSGoodPerformanceRiskMember_z7A1yv1f7SCj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>HIMS Good Performance Risk</i>. HIMS may meet or exceed its publicly announced expectations, potentially prompting a rise in its stock price. The company operates a telehealth platform that connects consumers with licensed medical professionals for a range of services, including digital prescriptions and wellness solutions. Key upside drivers include continued strong subscriber growth, expansion into new therapeutic categories, improved margins through scalable cloud-enabled pharmacy fulfillment and electronic medical record systems, favorable outcomes in regulatory compliance and healthcare partnerships, and elevated visibility from analyst upgrades or wellness-industry recognition. If any of these developments occur, HIMS’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zjbKZqkN9fVa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance HIMS’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in HIMS’s stock price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zSCZpdZg8YU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zseIU1FqNoS" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 83.03%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 115.50% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 26.05%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_znOHf7lHWHx1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zL8Tz1s4HY5d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z8F7BYRROas7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zKG3q1dcBqb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_ziXLgr8tM4he" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z6F9LBzkKTNi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zKAk6plClZf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z45cc6BPyRkl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zUplRj8qMdW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zrbiia61Pg28" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zPMHupMJdT84" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z2ga4DgZEWn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zO6JeD40i2Sh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z3K4HndUYK7f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zcOpUGYA9XN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zAZ7slTfeoj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zHtcKKViSLEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zYk9ZuZYb9R2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zDjWoLoqVoV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zRtL5FUfAHza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z6Y8qCyXudDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zjto3EXXUvm8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z6gcGnWl56K3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zTRd5GNMoQXg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zNSRKg2dPRJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zYfTtQDrcCHh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zFYZA8N0zt4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zoEqy16jSabi"></span></div> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z4s6F3YPE5ee" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096895Member_ztSSXrmkxxRh">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096895Member_zqJKbT4kfr8f">When such information is included, this section 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.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096895Member_zxjEStaH1K6k">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096895Member_zXWktONjSqvg">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT INTC ETF - FUND SUMMARY          Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zndCAmPk5tg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Intel Corporation (Nasdaq: INTC). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zD5KcJm3tn0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zJIaPTEkL1G1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zP1XZzcWpSz4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_987_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096880Member_zID8ppRWMBcc" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F67_zekNVmNetet2">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49E_20260825__20260825__oef--ClassAxis__custom--C000265872Member_z76i9oe0tvq3" style="border-top: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_ze1fM7OID2z3" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dp_zZboPSIISA7g" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dp_zZ5tFUl6lTRi" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F46_zD4T7pAxHif8">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dp_z6heiYHGdtx3" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F4E_z3si7csCq93k">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 23px"><span style="font-size: 10pt"><sup id="xdx_F0A_zR9Ew7RGyA78">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F19_zn3FQsKxtQDc" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 23px"><span style="font-size: 10pt"><sup id="xdx_F08_z3CuaxBE8Qpi">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F13_zM78i9kS2V44" style="font-size: 10pt"><span id="xdx_909_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096880Member_z8xDMp6Jd9oc">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"> </td> <td style="width: 23px"><span style="font-size: 10pt"><sup id="xdx_F0B_zIDgXdFgMFg5">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F17_zw9qXPjqcQ65" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zeSnpA2HLlMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkQJqRWsWO3c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z7yEQAffbnCc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_zBcznqe6ikVf" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_z4xX3TIgo4nb" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_411_20260825__20260825__oef--ClassAxis__custom--C000265872Member_zaDwlG3rZl6i" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zBTDkW1CDvga" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zvO6op3Ls8y6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096880Member_zRjUiEf47ysg">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">INTC</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Intel Corporation (Nasdaq: INTC).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">INTC designs, develops, manufactures, markets, and sells computing and related products worldwide. INTC is listed on the Nasdaq Global Select Market (“Nasdaq”). Per INTC’s most recent Form 10-K filing, the aggregate market value of voting and non-voting INTC common stock held by non-affiliates of INTC as of June 27, 2025 (based on the closing price of its common stock on that date on the Nasdaq) was approximately $99.3 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">INTC is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by INTC pursuant to the Exchange Act can be located by reference to the SEC file number 000-06217 through the SEC’s website at www.sec.gov. In addition, information regarding INTC may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of INTC or other securities of Intel Corporation. The Fund has derived all disclosures contained in this document regarding INTC from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to INTC. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding INTC is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of INTC (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning INTC could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of INTC.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">INTEL CORPORATION.</span> THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">INTEL CORPORATION.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">Intel Corporation </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">Intel Corporation </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">Intel Corporation </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">Intel Corporation</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by INTC or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, INTC is assigned to the Semiconductors &amp; Semiconductor Equipment  industry.</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--INTCPriceAppreciationRiskMember_zkeLzPLRoP1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>INTC Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of INTC common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInIntcRiskMember_zpoJujs64sMd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in INTC Risk.</i> Intel Corporation is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">Intel Corporation</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--INTCGoodPerformanceRiskMember_zZzlnU7JvT26"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>INTC Good Performance Risk</i>. Intel Corporation may meet or exceed its publicly stated financial or operational guidance, which could contribute to an increase in its share price. The company designs and manufactures semiconductor products and platforms, including central processing units (“CPUs”), graphics processing units (“GPUs”), and other data infrastructure solutions spanning from the data center core to the network edge. Its stock may be positively influenced by strong demand for cloud computing and AI-enabled servers, successful design wins for data center processors, accelerators, or network interface controllers (“NICs,” which connect computers to networks), increased demand for storage, connectivity, and high-performance computing solutions, expansion of 5G (“fifth-generation” mobile network) infrastructure and adoption, and favorable analyst reports, industry recognition, or strategic partnerships. If any of these developments occur, INTC’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zIzm67G4Pne7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance INTC’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in INTC’s stock price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zETrNHrnUZC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z1v1cUDFDnp4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 32.12%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 73.48% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was -6.95%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zOolkiurRJyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_znaSLLe4wEp9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zlGTH5mRSyaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z50HfX9yGSth" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zZcWnP0qzs5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zE9lfUfWoQI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zB1c6s2mX5wb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z8FEb9EwBdc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zqfUJ9gc12nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z2S1767ueq6a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zeBnDaESrCjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zbZTHGP2qpL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zTfLFIciwIk8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zdS3sB0zQgfj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zBY4nQ786gSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zCLBZUcdLhP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zwhBf97piIi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zfuVZqYm1e4j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z4RWOu42wudh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zDOP7WCWRnaf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zyiQGiwBzr5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z3yrOUQl0MC9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that th Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z80YS9uFVKff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zArWkzaIvBX" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zP3mxcPE2n6e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zluPUx8KT1sk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zLIuP6pylRKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zLAu0L8oh4N4"></span></div> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z9Y0jX2ZGXrc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096880Member_zvfijgo5u9k7">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096880Member_zK66I6a7S9p5">When such information is included, this section 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.</span> <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096880Member_z1JrO2gedcM3">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096880Member_zYrn5U9uBlj9">www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT MRVL ETF - FUND SUMMARY          Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zrSUPLcs5ry8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Marvell Technology, Inc. (Nasdaq: MRVL). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zNi42TIZFlXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zdhKuJdGdmsi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z8H83POyAYX2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_980_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096881Member_z5Mp0VwI2NHe" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F69_zluvy6uvcobe">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49C_20260825__20260825__oef--ClassAxis__custom--C000265873Member_zjbHlZE9tOB4" style="border-top: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dp_zX4fz78VpJJc" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dp_z7r1OWpaEUKe" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dp_zAJtTTsWy951" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F43_zrdGCR80scge">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dp_zzzPVsTGFti4" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F46_zTA4bgFvVcQ4">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F0C_zobDaQO9tsw1">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F15_zxIEcG6kJHf8" style="font-size: 10pt; color: #333333">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F04_zSdMtlY9SEdd">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_zxiabHCn5Bmi" style="font-size: 10pt"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096881Member_z37jdWk32ruk">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0px"> </td> <td style="width: 24px"><span style="font-size: 10pt"><sup id="xdx_F02_zNUQ6QJDqcrg">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1A_zspC2XRTpb04" style="font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zRZGw2rVCUY1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 hold or 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zE1VenxhdP47"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zpHoC2Lx0rnl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_zG9Hz4JS5WT9" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zQWNb4bsyU8f" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_415_20260825__20260825__oef--ClassAxis__custom--C000265873Member_ztXhqVxDi9w9" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zig6F8weXPNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zd3qax0UVxZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096881Member_zwB5gvRNmrF1">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"><b><span style="text-decoration: underline">MRVL</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Marvell Technology, Inc. (Nasdaq: MRVL).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333">Marvell Technology, Inc. supplies data infrastructure semiconductor solutions, specializing in high-performance standard and semi-custom products. As a fabless semiconductor provider (i.e., the company designs semiconductors but outsources the fabrication), the company focuses on developing and scaling complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. Marvell’s intellectual property, system-level expertise, and advanced security firmware support the data economy across markets such as data centers, enterprise networking, carrier infrastructure, consumer electronics, and automotive/industrial applications. MRVL is listed on the Nasdaq Global Select Market (“Nasdaq”). Per MRVL’s most recent Form 10-K filing, the aggregate market value of common stock held by non-affiliates of MRVL (based on the closing price of its common stock on August 1, 2025 on Nasdaq) was approximately $64,119,895,583.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: #333333">MRVL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by MRVL pursuant to the Exchange Act can be located by reference to SEC file number </span>001-40357 <span style="color: #333333">through the SEC’s website at www.sec.gov. In addition, information regarding MRVL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"><b>This document relates only to the securities offered hereby and does not relate to the shares of MRVL or other securities of Marvell Technology, Inc. The Fund has derived all disclosures contained in this document regarding MRVL from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to MRVL. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding MRVL is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MRVL (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning MRVL could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #333333"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of MRVL.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span style="color: #333333">MARVELL TECHNOLOGY, INC.</span> THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span style="color: #333333">MARVELL TECHNOLOGY, INC.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, <span style="color: #333333">Marvell Technology, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span style="color: #333333">Marvell Technology, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span style="color: #333333">Marvell Technology, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span style="color: #333333">Marvell Technology, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by MRVL or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, MRVL is assigned to the Semiconductors &amp; Semiconductor  Equipment industry.</p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MRVLPriceAppreciationRiskMember_zS8MwDBjrazh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>MRVL Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of MRVL common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInMrvlRiskMember_zLiFjop9p6Zj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in MRVL Risk.</i> Marvell Technology, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span style="color: #333333">Marvell Technology, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-size: 10pt"> </span></td> <td><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MRVLGoodPerformanceRiskMember_zNpzZZIFaQV1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>MRVL Good Performance Risk</i>. MRVL may meet or exceed its publicly stated guidance, which could contribute to an increase in its share price. The company supplies semiconductor solutions across data infrastructure, from data center core to network edge. Its stock may be positively impacted by strong demand for cloud and AI-enabled servers, successful design wins for data center processors or network interface controllers (“NICs,” which are hardware components that connect computers to networks), growth in demand for storage and connectivity solutions, expansion in 5G (“fifth-generation,” the latest mobile network standard offering faster speeds and bandwidth), and favorable analyst commentary or industry awards.. If any of these developments occur, MRVL’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zVNeS8X44fx9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 38px"><span style="font-size: 10pt"> </span></td> <td style="width: 38px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance MRVL’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in MRVL’s stock price.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zT96PPWS5Sb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z5uguPEUGrAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>One year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-size: 10pt"><b>-200% of</b></span><br/> <span style="font-size: 10pt"><b>one year</b></span><br/> <span style="font-size: 10pt"><b>performance</b></span><br/> <span style="font-size: 10pt"><b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-size: 10pt">-98.10%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 61.76%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 72.10% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 38.53%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zkcJihYEdL94" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zltbBHvJg6Pc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zokwJwGd6Fz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zuj56pNW3xl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zxXNbBVeCYu5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z0Eyc6o5E43h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z5VhJ0TRWdGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zofHwWIXIpdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z04CWXPwmoXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zFDjMTdBZnJg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zj4AUqzePgnj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z5SmCLc3ZTgl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zhtuJZmYY33j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_ze9PbAA2alv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zoDu6mOwHMWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zY6PUOtKEdX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zQloisLR5SBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zUmMuaTSzm87" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z8eGxALwTG6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zuncrnuZSCl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zzfquz8FNlye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zAIpXtWjzzLg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that th Fund will maintain an economically viable size.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z00tMzMThLG4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z6sbNepHxTM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zfPAG9cZPzAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zQ0KZxNftMx2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zThDvOEgBJR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zrDdl6bx8Yn1"></span></div> Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zydFFrsuyD3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096881Member_zIrWo4wODLea">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096881Member_zVvar2TUTwpa">When such information is included, this section 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.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096881Member_z3zCTsupAmYh">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096881Member_zi2XJ4JBqft5">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT MU ETF - FUND SUMMARY          Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zIlEfeL5kOrj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Micron Technology, Inc. (Nasdaq: MU). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zs9RqQrILQGc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zrTmRzChkHHe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zmncgMvXwneh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98E_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096882Member_zcDB6YCcZY84" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6E_zCL1NdEy1Hag">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_494_20260825__20260825__oef--ClassAxis__custom--C000265874Member_zflZ4HBgg7g1" style="border-top: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40E_eoef--ManagementFeesOverAssets_dp_zndVvuuXr1Nh" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp_zRMdxCVW9Wvi" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dp_zqyTOrsHNtIc" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F44_zFlyydWm56y1">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dp_zjiM0aoaxy9l" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F49_z0OOIWjBQ4Dk">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zuBdiGxEC8F3">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F19_z55OKzQjW1bj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0E_zHU1xlbtA91e">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1B_zZUEFXGtCKx8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096882Member_zN5V0xvm5Hx">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F00_zAtXRLQIB4m3">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F16_zVi4H1Y4iPeg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zNcCohKA8ij7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXU5kuY4wr17"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z2qIqNKIF9Nh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_z1mQvtifcu3b" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zJ4899iZxeYl" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_41E_20260825__20260825__oef--ClassAxis__custom--C000265874Member_zPGyrpTxCOc3" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zyx1ShHYb8M5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zCBnCVY7S3il" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096882Member_z1TExw3rbjK6">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">MU</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Micron Technology, Inc. (Nasdaq: MU).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Micron Technology, Inc. designs and manufactures memory and storage technologies: DRAM, NAND, NOR for PCs, servers, mobile, and embedded systems. MU is listed on the Nasdaq Global Select Market (“Nasdaq”). Per MU’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates of MU (based on the closing price on February 27, 2025 on Nasdaq) was approximately $85.7 billion. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by MU pursuant to the Exchange Act can be located by reference to SEC file number 001-10658 <span>through the SEC’s website at www.sec.gov. In addition, information regarding MU may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of MU or other securities of Micron Technology, Inc. The Fund has derived all disclosures contained in this document regarding MU from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to MU. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding MU is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MU (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning MU could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of MU.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span>MICRON TECHNOLOGY, INC.</span> THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span>MICRON TECHNOLOGY, INC.</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover, <span>Micron Technology, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span>Micron Technology, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span>Micron Technology, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span>Micron Technology, Inc.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by MU or its affiliates. All rights in the trademarks are reserved by their respective owners.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, MU is assigned to the Semiconductors &amp; Semiconductor Equipment  industry.</span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MUPriceAppreciationRiskMember_z0XPouqQvLjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MU Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of MU common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInMuRiskMember_zGgizf9aSuf6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in MU Risk.</i> Micron Technology, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span>Micron Technology, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> </table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MUGoodPerformanceRiskMember_zgwIivYOwqQ7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="padding-top: 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>MU Good Performance Risk</i>. MU may meet or exceed its publicly provided forecasts, potentially resulting in an increase in its share price. The company designs and manufactures memory and storage products such as DRAM, NAND, and SSDs (“solid-state drives,” which are storage devices using flash memory instead of spinning disks). Its stock performance may be boosted by strong demand for memory in AI-optimized servers, data center expansion, consumer electronics and automotive applications, successful delivery of next-generation memory nodes, improvements in production yields or cost efficiencies, and positive sentiment from analyst upgrades or market recognition. If any of these developments occur, MU’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zBhfWBWFQTd1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="padding-top: 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance MU’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in MU’s stock price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z3cyfxDRKVVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zkAZEMTpynwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td style="padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-200% of</b><br/> <b>one year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 8pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.10%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 54.22%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 70.45% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 68.45%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_z8hTHk2cE7nl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zVpGFtJSSog1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zrHrvMcUQPbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zE8pKzPAu63d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zYiHFiGlj5W8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z6f4GyWRwhdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zSZbI1Bstc33" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zMC5KCr3hiq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z1hKkHFRPw48" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zHjiIE6DCPN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z3gXHFUDFmwi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zVsiFQI7nUyd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zeLpm1q2m9zc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zBMaYXF0LhDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zwjBL8zDKQh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_ztG88RMS1Hsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as <span>NYSE Arca, Inc.</span> (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zMUJ5bdvOeL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zosnD4mc1r72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zfXG3sVoG3j4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zjlicZu44Kh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zUTVEcMwRfNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zTkhWYXmb7D1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z1sUy0DA4Pe9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zHP7A7Dl0tbk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zeh0OvIMcJT" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z4cws8K5ydo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zkzT9BaKVd36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zDcSHIkcQtW1"></span></div> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zzcthhbEhfDi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096882Member_zLWyyHjLW9vf">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096882Member_zJpu4NHUnqcg">When such information is included, this section 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.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096882Member_zpQIOUIUpsJ">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096882Member_zr1Ld29SfN23">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT NVO ETF - FUND SUMMARY Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zTyWtdSO0O29" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Novo Nordisk A/S - ADR (NYSE: NVO). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zkDIuZvx2jP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_z2ixmR3Pp2J3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_ztTKi90WcOrd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_981_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096883Member_zkYVxU9XN7De" style="border-top: black 1pt solid; padding-left: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6F_z1DMbujNV4Fa">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_490_20260825__20260825__oef--ClassAxis__custom--C000265875Member_zyaJAZPkhau9" style="border-top: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="width: 85%; padding-left: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dp_zp7vGfkjYhLe" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zuDCETnG0Du4" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dp_zP1yWO2gL9ej" style="vertical-align: bottom"> <td style="padding-left: 0.2in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F45_zhgPnF53MSd9">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dp_zG5559VZven5" style="vertical-align: bottom"> <td style="padding-left: 0.1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F48_zeiNgV2nO1k6">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F07_zkGvS01bN5Uh">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F16_zvVrnkyr2wme" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_z0aYNMf8z4F1">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F13_zf05ST8dAsc2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096883Member_zSZpUSn7cK3l">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_ziA0QcTHOv82">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1C_ztVclQIqxlYe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_znLhKpuM3KGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zIKKHaIA2fXh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zH9tq0dPtcTl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zBGMTyLGGZ4d" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zuqxRL7WT5v7" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_411_20260825__20260825__oef--ClassAxis__custom--C000265875Member_zbd2CZ2Xcajh" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zepBaWP2QT1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_znBnhmsIC62f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096883Member_zqF0HsdeOgR1">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">NVO</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Novo Nordisk A/S - ADR (</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE<span>: NVO).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Novo Nordisk A/S (“Novo Nordisk”) is a Danish global pharmaceutical company. Novo Nordisk manufactures and markets pharmaceutical products and services, specifically for diabetes, obesity, and certain rare diseases.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NVO ADRs are listed on the New York Stock Exchange (“NYSE”). Per NOVO Nordisk’s most recent Form 20-F filing for the fiscal year ending December 31, 2025, the total number of NVO ADRs outstanding was 488,654,572 representing approximately 15.31% of the issued B share capital outstanding (excluding treasury shares and shares held by Novo Holdings A/S) as of such date. Per the same filing, based on available sources of information, as of December 31, 2024 it was estimated that share capital (including A and B share capital) was geographically distributed in the following manner: 39% Denmark, 25% North America, 5% UK, and 31% Other.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOVO Nordisk is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to NVO pursuant to the Exchange Act can be located by reference to the SEC file number 333-82318 through the SEC’s website at </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.sec.gov<span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of NVO or other securities of Novo Nordisk A/S The Fund has derived all disclosures contained in this document regarding NVO from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to NVO. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding NVO is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of NVO (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning NVO could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of NVO.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span>NOVO NORDISK A/S</span>. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span>NOVO NORDISK A/S</span>.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover, <span>Novo Nordisk A/S </span>has not participated in the development of the Fund’s investment strategy. <span>Novo Nordisk A/S </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span>Novo Nordisk A/S </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span>Novo Nordisk A/S.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by NVO or its affiliates. All rights in the trademarks are reserved by their respective owners.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, NVO is assigned to the Pharmaceuticals  industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NVOPriceAppreciationRiskMember_zsKf8lCPAqMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NVO Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of NVO common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInNvoRiskMember_zf73Y6socFW2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in NVO Risk.</i> Novo Nordisk A/S is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span>Novo Nordisk A/S</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NVOGoodPerformanceRiskMember_zsKzeNq59UWa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="padding-top: 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>NVO Good Performance Risk</i>. NVO may meet or exceed its publicly announced objectives, which could potentially drive up its share price. The company is a global leader in diabetes and obesity treatment and offers biopharmaceutical products including GLP-1 receptor agonists (a class of drugs targeting a specific receptor to manage blood sugar and weight). Its stock could benefit from strong uptake of key products in diabetes and weight management, successful clinical trial results for pipeline therapies, expansion of indications into chronic diseases like cardiorenal or liver disease, favorable regulatory approvals, and increased investor confidence stemming from analyst upgrades or industry awards. If any of these developments occur, NVO’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_z94dqRIwqvF3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px; padding-top: 8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="padding-top: 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance NVO’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in NVO’s stock price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zBZC2MgDyAM5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z23duFQws7e9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td style="padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-200% of</b><br/> <b>one year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td colspan="5" style="padding-bottom: 6pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 35%; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-bottom: 6pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-bottom: 6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.10%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 39.09%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 55.14% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 2.74%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zLRJxsIFh3L5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zSvuDbXo34D2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zveSll67Qn2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zSvZmYqoeuL9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zaXrDOy0DwHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z6jJwwHNw8ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zrlBpWHzaEkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zLCcJVK5Ejo2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z54bvNfdUBj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zBjR80WkVDx7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zSNBOy5Uyr42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zZlSyTtZhyIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zL7PrnNRnNM9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z1d2YO9uXeGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zap9mJOdn909" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zx948ivayxFi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as <span>NYSE Arca, Inc.</span> (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zrAj7pGh05mh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zvcdPCs3XBe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zk4ld5hT2j02" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zjYoSDZ0G14a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zacxx2DXKFk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zGMGGSMXfWHf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that th Fund will maintain an economically viable size.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zAaHv7yamOIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zZfPXzzPGYj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zBHKArViZbUa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zRVTEU77vwe7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zvMibEereJV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zZcba5qWuFzj"></span></div> Performance <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zY7Xbw5IcODb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096883Member_zuqgUJ1njRci">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096883Member_z6twFTHPqbBc">When such information is included, this section 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.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096883Member_zMX9jVNm8vSa">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096883Member_zExxDfvx0w32">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT OSCR ETF - FUND SUMMARY Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zlk322xhc8i3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of Oscar Health, Inc. (NYSE: OSCR). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zD5emYdpY6S2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zyNLLjbV0mUb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zsHWe87V8ok4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98D_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096885Member_zIBKxMA1Ac5g" style="border-top: black 1pt solid; width: 85%; padding-left: 8.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F63_zSm2t0tS6x72">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_490_20260825__20260825__oef--ClassAxis__custom--C000265877Member_zHVID4SVDub" style="border-top: black 1pt solid; width: 15%; padding-left: 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dp_z5EFpqvfFFAa" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_z3m6e0D2iER1" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dp_znAfBfR47ki6" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4A_zBoOqybHy1Wa">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dp_z5C1zg4Dn2Ec" style="vertical-align: bottom"> <td style="padding-left: 8.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F4E_z7hnjm6HBxRj">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zYVFtEQh4Kv9">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1C_zY7bjdukrxa5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zvU2JQ3enyvi">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F11_zvrBaiKhpUo2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096885Member_zt8XimmrwYfk">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zRHdkBQGlzf">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F14_zUc7VuE1RtCg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zDh9QYqFdLO1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMToBIN8BGEj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z9lwCvJ2huk3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_zdEcx70vIiL8" style="border-top: black 1pt solid; width: 48%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_zzTR0EMbmq1k" style="border-top: black 1pt solid; width: 52%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_416_20260825__20260825__oef--ClassAxis__custom--C000265877Member_zDIkxFYuSHe9" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> 133 415 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zuajLoK9B5j2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zMHongVTnZV9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096885Member_zu6UYW7OCaCk">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">OSCR</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Oscar Health, Inc. (</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE<span>: OSCR).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oscar Health, Inc. is a healthcare technology company that offers health insurance plans under the Affordable Care Act (ACA) to individuals, families, and employees in multiple states. In addition to its insurance business, the company provides technology solutions that support providers and payors with tools for personalized engagement and data analytics. OSCR is listed on the New York Stock Exchange (“NYSE”). Per OSCR’s most recent Form 10-K filing, the aggregate market value of common stock held by non-affiliates of OSCR as of June 30, 2025 (based on the closing price of its common stock on June 30, 2025 on the NYSE) was approximately $4.5 billion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OSCR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by OSCR pursuant to the Exchange Act can be located by reference to SEC file number </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-40154 <span>through the SEC’s website at www.sec.gov. In addition, information regarding OSCR may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of OSCR or other securities of Oscar Health, Inc. The Fund has derived all disclosures contained in this document regarding OSCR from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to OSCR. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding OSCR is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of OSCR (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning OSCR could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of OSCR.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span>OSCAR HEALTH, INC.</span> THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span>OSCAR HEALTH, INC.</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover, <span>Oscar Health, Inc. </span>has not participated in the development of the Fund’s investment strategy. <span>Oscar Health, Inc. </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span>Oscar Health, Inc. </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span>Oscar Health, Inc.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by OSCR or its affiliates. All rights in the trademarks are reserved by their respective owners.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, OSCR is assigned to the Insurance  industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OSCRPriceAppreciationRiskMember_zpazROtUCHJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OSCR Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of OSCR common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInOscrRiskMember_zlkBQhHZiz17"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in OSCR Risk.</i> Oscar Health, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span>Oscar Health, Inc.</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OscrGoodPerformanceRiskMember_z4apCRAcQAod"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>OSCR Good Performance Risk</i>. OSCR may meet or exceed its publicly stated objectives, which could contribute to a rise in its share price. The company is a technology-driven health insurance provider that leverages a digital platform to offer individual, small group, and Medicare Advantage plans. Its stock performance may be enhanced by strong membership growth, expansion into new geographic markets, improvements in medical cost ratio (a key metric comparing claims costs to premiums earned), favorable regulatory developments under federal or state healthcare programs, and positive sentiment stemming from analyst upgrades or industry awards. If any of these developments occur, OSCR’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zAW1RmyIIydc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance OSCR’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in OSCR’s stock price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zCqmrCyPkHHa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_ztnC406T6ji1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-200% of</b><br/> <b>one year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td colspan="5" style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 30%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.10%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 82.92%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 91.08% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was -7.99%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zwJaVYD67A85" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zgUG9CrKs4s2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zUzQLznaapdi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zyQeDwve70yb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zqz0xASstE6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zvybMJAZStgl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zeUcKCPODx3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z7EY9Q0SLWwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z09k98lXbMJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zlucDGSzqBXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zFeEpJzP3wH6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zZkYp8gB1R35" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zv9NdAbTvxwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z6jAskHmZACg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zkOoHxBtdgmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zQ0VlySuWV8j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_znEZK5cu7BB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zzD7JYwkUPDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zry290pUkmyh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zre2FxHBUgYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zuKqJPgOcTJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zvvHPTfIbaug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that th Fund will maintain an economically viable size.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zn6k8W9jWdAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zW4t0MuaGNJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zV09cVluvSp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_z77Xu4Gt1kuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zo3T5GjyQ7Ej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zJ7d7ouohjx7"></span></div> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zCZu0D7e5FBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096885Member_z7YbIMp0uUkk">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096885Member_zObgEKaBr38h">When such information is included, this section 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.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096885Member_zgDvLNCSkWG8">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096885Member_z1L9zsvc8Me5">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT SBET ETF - FUND SUMMARY Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zEIRK7dz8ej5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of SharpLink, Inc. (Nasdaq: SBET). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zdesfPGLz7eg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z0GtZhDLf6M8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zijzmveSxqz6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_984_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096886Member_zHepufkknN8c" style="border-top: black 1pt solid; width: 84%; padding-left: 8.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zXz2v1WNKOfl">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_492_20260825__20260825__oef--ClassAxis__custom--C000265878Member_zoZjREZ77zE8" style="border-top: black 1pt solid; width: 16%; padding-left: 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_z7Z9HqM8bfz6" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zhiZDK44GgY2" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dp_ztaWtvsKzOJ9" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F48_zSV4mNyEauRg">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dp_zIwdlBpP9ADh" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F45_zcFDTk3BBike">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_znZ6eQFruxL6">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F13_zSSrgAqrseGk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F02_zFPyj5EUFuvj">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1F_z3iOeVjgGNxi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096886Member_z1flFOACPXX2">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_zDfyNE0CmNp">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F11_zn36H1nwsEmg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zdYIoZqdIeBd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zogsNk7XBns8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zX3DM4OlDTz5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_zB22nVSxkwJa" style="border-top: black 1pt solid; width: 48%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zxKFXEoV4b2h" style="border-top: black 1pt solid; width: 52%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_417_20260825__20260825__oef--ClassAxis__custom--C000265878Member_zAq8clj9Xwl3" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_z5cSx54aNp49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_ztAACLoxSy4g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096886Member_zlrxltEi7Nd4">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">SBET</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of SharpLink, Inc. (Nasdaq: SBET).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SBET is an online marketing company that provides fan activation solutions to generate and deliver high quality customer leads to its U.S. sportsbook and global casino gaming partners. SBET undertook a strategic shift in its business operations in June 2025 when it adopted as it’s primary treasury asset Ethereum, a digital asset. SBET is listed on The Nasdaq Capital Market, LLC (“Nasdaq”). Per SBET’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates (computed by reference to the price at which the common equity was last sold as of September 30, 2025) was $665,342,504.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SBET is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by SBET pursuant to the Exchange Act can be located by reference to SEC file number </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-41962 <span>through the SEC’s website at www.sec.gov. In addition, information regarding SBET may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of SBET or other securities of SharpLink, Inc. The Fund has derived all disclosures contained in this document regarding SBET from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to SBET. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding SBET is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of SBET (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning SBET could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of SBET.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH SHARPLINK, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, SHARPLINK, INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover, SharpLink, Inc. has not participated in the development of the Fund’s investment strategy. SharpLink, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. SharpLink, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by SharpLink, Inc.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by SBET or its affiliates. All rights in the trademarks are reserved by their respective owners.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, SBET is assigned to the Hotels, Restaurants &amp; Leisure  industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SBETPriceAppreciationRiskMember_zSW77okZCcjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SBET Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of SBET common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInSbetRiskMember_zxyhNhuv8KQ"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in SBET Risk.</i> SharpLink, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of SharpLink, Inc., but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SbetGoodPerformanceRiskMember_zFKBF6THV5Wh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>SBET Good Performance Risk</i>. SBET may meet or exceed its public growth projections, potentially lifting its stock price. The company develops sports betting conversion and customer engagement technology for online sportsbooks and media companies. Drivers of positive stock performance could include strong growth in U.S. sports betting adoption, expansion of partnerships with major sports leagues or media platforms, introduction of new betting technology or gamification features, favorable legislative changes expanding legalized sports betting, and increased investor enthusiasm from analyst coverage or industry recognition. If any of these developments occur, SBET’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zUmnZXDLITuj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance SBET’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in SBET’s stock price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="display: none"> <td style="display: none; width: 48px"> </td> <td style="display: none; width: 48px"> </td> <td style="display: none"> </td></tr> </table> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EthereumPerformanceRiskMember_zWvxeHreH9ta" style="margin: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ethereum Performance Risk.</i> If the market value of Ethereum, which SBET has adopted as its primary treasury asset, appreciates materially, the value of SBET’s stock could increase, which would adversely impact the performance of the Fund. Furthermore, broader acceptance of digital asset as a corporate treasury reserve, together with potential regulatory approvals, could enhance SBET’s financial position, thereby magnifying potential losses incurred by the Fund.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zciHcYwvFhL5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zM9jbHvk57L" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-200% of</b><br/> <b>one year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td colspan="5" style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 34%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 16%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 10%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 10%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 10%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 10%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 10%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.10%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 157.14%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 287.05% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was -63.53%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zPufJ5kUHrri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zBoXpRy5tI6h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z01B3t62MNR2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zg6eTkRoTQgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zQK0VC4PbcCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zpQpCSeSDAGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z92JnfqVm36k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zMWmyrHCIoW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zF48n2DnhYJi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zGvkn01cFdwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zsGojuRtcLSg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z1AcCZ2KZKz9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z8Kl2QXOGorb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zXBsDSekSXTl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_ze0J5YAVvWt5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zZwpQ9ueK20d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as <span>NYSE Arca, Inc.</span> (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zbLik2FnTrqg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zcJ01GNBeLfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z7MG5lxuEsWh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zV2BjSi5SGVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zk81kXjXiPzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zcfD3S99t6H6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that th Fund will maintain an economically viable size.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zyzm0lCib9Xd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zRFV1DXG1n8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zjKqANZtESJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zEw3HaLZbz5j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zA7mKt7CFx9b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zWb0Gtvg5hze"></span></div> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zMBkWGz31muc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096886Member_zUgWWBTLPAdi">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096886Member_z4VgWjmPkwg1">When such information is included, this section 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.</span> <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096886Member_zCeKqoXNmBW1">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096886Member_zyqtZYyBqOo4">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT TSM ETF - FUND SUMMARY Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zdq2gKE65lec" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of the ADR of Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zvnY9jGgWOCe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_z2NFh1Q1Cwqj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zPLrmrXFyZa8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_981_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096887Member_z2dR9bKAc0a" style="border-top: black 1pt solid; width: 85%; padding-left: 8.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zChZrhcRU5E">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_492_20260825__20260825__oef--ClassAxis__custom--C000265879Member_ztbohaWniJEd" style="border-top: black 1pt solid; width: 15%; padding-left: 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_zq2b45W1z2t3" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp_z5OCNv4eLnDb" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dp_z1FFGnhDTzk7" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses </span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zBuElzc0xHj" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4F_zKo2NH2JxmYj">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dp_zYQZzZj31TA8" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F4F_z7baAYPPbZa3">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.30%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zpvxUbAYZGVc">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1D_ziWDN9Q3N5p" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zpz1qqlmo9sf">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F15_zompVOARo8Gd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. <span id="xdx_900_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260825__20260825__dei--LegalEntityAxis__custom--S000096887Member_z6jFfwGz9rHg">Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0C_zYhC9D2IvuI4">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1F_zTNuJgeCKTWe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0000 0.0001 0.0130 Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zWnb1gWZkOn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zo2i8oHlpC5a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zrzNRdGOPGI1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zD94P1TaQUxf" style="border-top: black 1pt solid; width: 48%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zOFdRlXN46k5" style="border-top: black 1pt solid; width: 52%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_415_20260825__20260825__oef--ClassAxis__custom--C000265879Member_z8gw1WWZlXRb" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$132</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$412</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 132 412 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_z3cJosuABxA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of November 17, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20260825__20260825__dei--LegalEntityAxis__custom--S000096887Member_zJaUfgSUbUsa">0</span>% of the average value of its portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zGTi2iWFmpyi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096887Member_zsTADo12PoWe">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">TSM</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of Taiwan Semiconductor Manufacturing Company Limited (</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE<span>: TSM).</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSM is a dedicated foundry in the semiconductor industry which engages mainly in the manufacturing, sales, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSM ADSs are listed on the New York Stock Exchange (“NYSE”). Per TSM’s most recent Form 20-F filing for the fiscal year ending December 31, 2025, the total number of TSM Common Shares outstanding was 25,932,524,521.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">American Depositary Shares of TSM are registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by TSM pursuant to the Exchange Act can be located by reference to the SEC file number 001-14700 through the SEC’s website at www.sec.gov. In addition, information regarding TSM may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of TSM or other securities of Taiwan Semiconductor Manufacturing Company Limited. The Fund has derived all disclosures contained in this document regarding TSM from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to TSM. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding TSM is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of TSM (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning TSM could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of TSM.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH <span>TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED</span>. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, <span>TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED</span>.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover, <span>Taiwan Semiconductor Manufacturing Company Limited </span>has not participated in the development of the Fund’s investment strategy. <span>Taiwan Semiconductor Manufacturing Company Limited </span>does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. <span>Taiwan Semiconductor Manufacturing Company Limited </span>does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by <span>Taiwan Semiconductor Manufacturing Company Limited</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by TSM or its affiliates. All rights in the trademarks are reserved by their respective owners.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, TSM is assigned to the Semiconductors &amp; Semiconductor Equipment  industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TSMPriceAppreciationRiskMember_zhO0hVcCLO5i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TSM Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of TSM common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInTsmRiskMember_zGfIt1A9kcK3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in TSM Risk.</i> Taiwan Semiconductor Manufacturing Company Limited is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of <span>Taiwan Semiconductor Manufacturing Company Limited</span>, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TSMGoodPerformanceRiskMember_z75tmvMybeD"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TSM Good Performance Risk</i>. TSM may meet or exceed its public forecasts, potentially increasing its share price. The company is the world’s largest dedicated semiconductor foundry, manufacturing chips for a wide range of customers across computing, mobile, automotive, and AI (“artificial intelligence,” the simulation of human intelligence processes by machines) markets. Factors that may boost its stock include strong demand for advanced process nodes, leadership in AI and high-performance computing chips, expansion of manufacturing capacity in multiple geographies, favorable global semiconductor demand trends, and investor optimism spurred by analyst upgrades or industry awards. If any of these developments occur, TSM’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> </table> <p style="margin: 0"> </p> <p style="margin: 0"></p> <p style="margin: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zfj353HL6fT7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance TSM’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in TSM’s stock price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zkt2kXmkQPV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z68oSOJGGLHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-200% of</b><br/> <b>one year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td colspan="5" style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 25%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 12%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 12%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 12%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 12%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 12%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.10%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 37.77%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 45.80% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 31.76%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zp5bbbdwQwAc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_znULCLOeAnOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zFTN0Eh8Qbgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zVhXGn4fbAxf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zOwUu0rgAcc5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWWXeWsjEeX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zToqC9wPmX91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zy7hMyNEVCTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z2Bb9vc9YLvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zKVzWn9Qkje" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z581fdbR46dl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_znU6X320bcgh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zLrFpeRWknG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zehb1py8kL2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zGiXN0QCVHD3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_ziaagY9ihYv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as <span>NYSE Arca, Inc.</span> (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zvIvvOUTCiY7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zO2RFfZF2eX" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z1b2wKccVWO7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zNzHUrfqcBPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zjnfkTVquhEe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zg7i01vYFOcf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zitlbDALXnQh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zLZiS6uiVSmi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zX7OXiSOBnz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zZDammM0Ch86" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zmNElXUlhq95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zU5Rjj2yvpea"></span></div> Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zaNv5yCpwjoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096887Member_zPdPHuu9H477">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096887Member_zCDJ5q0jTFz3">When such information is included, this section 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.</span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096887Member_zIKK6DZfeLud">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096887Member_zHFBNtNoXWpe">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X SHORT UNH ETF - FUND SUMMARY Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zJlffDV9m7Vb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily inverse investment results, before fees and expenses, of -2 times (-200%) the daily percentage change in the share price of UnitedHealth Group Incorporated (NYSE: UNH). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z0qkBahVARGh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zQNhwFJKzz93"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zY9MGOh4ZXm" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000096888Member_zWq5rAdpQl0g" style="border-top: black 1pt solid; width: 87%; padding-left: 8.65pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6E_zsnf9zJHhdnf">(1)</sup></b> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49F_20260825__20260825__oef--ClassAxis__custom--C000265880Member_zEqsYWQDI8P7" style="border-top: black 1pt solid; width: 13%; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dp_zEDRBQ5hLk5g" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29%</span></td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dp_zHadFArgvPr7" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees </span></td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zECcHSE8vmlf" style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F45_ziTJXnpV8lyg">(2) </sup></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dp_zQvSfsJqwM9e" style="vertical-align: bottom"> <td style="padding-left: 9pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F43_zulkw78p5yK2">(3)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F03_zXGmL4KyE3he">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1C_znfZjBFQSbzb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F04_z6o1rtZP2zLi">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F19_z5VJfkJ0TUq5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000096888Member_zpEBiRiYBtVg">Based on estimated amounts for the current fiscal year.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F09_zcMbEJKN4Xv4">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1B_zqy6QFsQJQEl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zPjnBwQs70vf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 hold or 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:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCrloxJ0i4il"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zC4m3ZCno0hh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zAyg3qgN1jD1" style="border-top: black 1pt solid; width: 48%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_ztfJWy2huoz9" style="border-top: black 1pt solid; width: 52%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_41A_20260825__20260825__oef--ClassAxis__custom--C000265880Member_zGEhdM6K4GCh" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 133 415 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zbteC0GiWyx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zwZ9svzqHCK2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed exchange traded fund that attempts to achieve 2 times the inverse (-200%) of the daily percentage change in the price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to generate 2 times the inverse of the daily performance of the Underlying Security for a single day, and not for any other period. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.” The Fund is classified as “non-diversified” under the 1940 Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to 2 times the inverse (-2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may enter into swap agreements as a substitute for directly shorting the Underlying Security. The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from one day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security. At the end of each day, the Fund’s swaps are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain short exposure for the Fund equal to -200% of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also utilize listed options to seek to achieve leveraged -2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily -2X objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For examples of a hypothetical investment in the Fund, see “<i>Additional Information About the Fund – Principal Investment Strategies</i>” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with inverse exposure; and e) other Fund expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality as determined by the investment adviser as collateral for the Fund’s derivative positions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000096888Member_z4yE1zcIbk4e">The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security.</span> For purposes of the 80% policy, derivatives will be valued at notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is expected to allocate between 40% and 75% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from -200% of the return of the Underlying Security over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and as a result of daily rebalancing, the Underlying Security volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance decreases over a period longer than a single day. As a consequence, investors should not plan to hold shares of a Fund unmonitored for periods longer than a single trading day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">UNH</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates only to the Fund Shares offered hereby and is not a prospectus for the shares of UnitedHealth Group Incorporated (NYSE: UNH).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UnitedHealth Group Incorporated is a U.S.-based company that operates in two main segments: UnitedHealthcare, which offers health insurance plans for individuals, employers, and government programs, and Optum, which provides health care services, pharmacy benefits, and data analytics. Together, these segments serve customers in the United States and internationally. UNH is listed on the New York Stock Exchange (“NYSE”). Per UNH’s most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates of UNH as of June 30, 2025 (based on its last reported sale price on June 30, 2025 on the NYSE) was approximately $281,907,836,350.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNH is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by UNH pursuant to the Exchange Act can be located by reference to SEC file number 001-10864 through the SEC’s website at www.sec.gov. In addition, information regarding UNH may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>This document relates only to the securities offered hereby and does not relate to the shares of UNH or other securities of UnitedHealth Group Incorporated The Fund has derived all disclosures contained in this document regarding UNH from the publicly available documents. None of the Fund, the Trust, or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to UNH. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding UNH is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of UNH (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning UNH could affect the value received with respect to the securities and therefore the value of the securities.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None of the Fund, Tidal Trust II (the “Trust”), the Adviser, or their respective affiliates makes any representation to you as to the performance of UNH.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH UNITEDHEALTH GROUP INCORPORATED. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, UNITEDHEALTH GROUP INCORPORATED.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover, UnitedHealth Group Incorporated has not participated in the development of the Fund’s investment strategy. UnitedHealth Group Incorporated does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. UnitedHealth Group Incorporated does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by UnitedHealth Group Incorporated</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by UNH or its affiliates. All rights in the trademarks are reserved by their respective owners.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, UNH is assigned to the Health Care Providers &amp; Services  industry.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> The Fund has adopted a policy to have at least 80% of its net assets, plus borrowings for investment purposes, in financial instruments with economic characteristics that should provide 2 times the inverse exposure to the daily performance of the Underlying Security. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UNHPriceAppreciationRiskMember_zJaDUHOXNt1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNH Price Appreciation Risk. </b>As part of the Fund’s inverse investment strategy, the Fund purchases and sells swap contracts and options contracts that are based on the share price of UNH common stock (the “Underlying Security”). This strategy subjects the Fund to certain of the same risks as if it shorted shares of the Underlying Security, even though it does not. By virtue of the Fund’s indirect -2X exposure to changes in the share price of the Underlying Security, the Fund is subject to the risk that the Underlying Security’s share price <b><span style="text-decoration: underline">increases</span></b>. <b><span style="text-decoration: underline">If the share price of the Underlying Security increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses</span></b>. The Fund may also be subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInUnhRiskMember_zVd2WickFCXj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Indirect Investment in UNH Risk. </i>UnitedHealth Group Incorporated is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence the management of UnitedHealth Group Incorporated, but will be exposed to the performance of the Underlying Security. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying Security, but will be adversely impacted by increases in the share price of the Underlying Security.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnhGoodPerformanceRiskMember_z1ueanJkbgD4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>UNH Good Performance Risk</i>. UNH may meet or exceed its public performance expectations, potentially leading to a rise in its share price. The company is a diversified healthcare and insurance services provider, operating through UnitedHealthcare (insurance and benefits) and Optum (health services and analytics). Its stock may benefit from growth in health plan membership, expansion of value-based care arrangements, strong performance in pharmacy benefit management, favorable policy developments under Medicare or Medicaid programs, and increased investor confidence driven by analyst upgrades or healthcare industry awards. If any of these developments occur, UNH’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionandAnalystCoverageRiskMember_zlYtwE5DE573"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Industry Recognition and Analyst Coverage Risk.</i> Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance UNH’s reputation and credibility among investors. Favorable analyst ratings, upgrades, or bullish forecasts for the company’s future performance can drive investor enthusiasm and contribute to a rise in UNH’s stock price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z7ZwpUi1xUXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether the company has strong earnings reports, or provides positive future guidance, dividend increases, share buybacks, or engages in strategic acquisitions and product launches. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are favorable industry trends, regulatory approvals, analyst upgrades, strategic partnerships, debt reduction, or improved economic conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z1wRE5mNs5e7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compounding and Market Volatility Risk.</b> The Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from -200% of the Underlying Security’s performance, before fees and expenses. Compounding has a significant impact on funds that are inverse leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the Underlying Security during the shareholder’s holding period of an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Security volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Security volatility; b) Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Security’s dividends. The chart below illustrates the impact of two principal factors – Underlying Security volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged short exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods where the Underlying Security experiences higher volatility, compounding will cause results for periods longer than a trading day to vary from -200% of the performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As shown in the chart below, the Fund would be expected to lose 17.10% if the Underlying Security provided no return over a one-year period during which the Underlying Security experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Security return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 95% of its value, even if the cumulative Underlying Security’s return for the year was 0%.</b> Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than -200% of the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than -200% of the performance of the Underlying Security. The 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 “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-200% of</b><br/> <b>one year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td colspan="5" style="padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility Rate (Annualized)</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; width: 25%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 20%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 11%; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="white-space: nowrap; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; padding-right: 4pt; padding-bottom: 8pt; padding-left: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.10%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 32.89%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 47.16% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 0.75%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zRCgtO75Gcs4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of inverse correlation to the Underlying Security and therefore achieve its daily inverse investment objective. To achieve a high degree of 2 times inverse correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily inverse investment objective. The possibility of the Fund being materially over-exposed (meaning providing more than -200% exposure to the Underlying Security – <i>i.e.,</i> -201% or greater) or under-exposed (meaning providing less than -200% exposure to the Underlying Security – <i>i.e.,</i> -199% or less) to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have difficulty achieving its daily 2 times inverse investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s 2 times inverse correlation to the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleExposureRiskMember_zbbT0HVvWAkl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short Sale Exposure Risk</b>. The Fund will seek inverse or “short” exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund’s return, result in a loss, have the effect of limiting the Fund’s ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. During such periods, the Fund’s ability to issue additional Shares may be adversely affected. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund’s short positions, if any, would negatively impact the Fund. The Fund could lose an amount greater than its net assets in the event the Underlying Security increases more than 50%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zdVKrtYQAx54" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. If the Fund exceeds these regulatory thresholds, it may adjust its portfolio. These adjustments may cause the Fund to fail to achieve investment results, before fees and expenses, that correspond to -200% of the daily performance of the Underlying Security and may result in substantially lower returns during these periods. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily inverse performance for the Fund.</span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zg4mphwBzKld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser, is unable to enter into swap agreements that provide inverse exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its inverse investment objective, even if the Underlying Security later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zg96LO6bEjl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zwXORmVicvBj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zNL6wNfxhS01" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the value of the Underlying Security at the market close on the first trading day and the value of the Underlying Security at the time of purchase. If the Underlying Security declines in value, the Fund’s net assets will rise by the same amount as the Fund’s exposure. Conversely, if the Underlying Security gains in value, the Fund’s net assets will decline by the same amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated inverse performance of the Underlying Security.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zy9woPyLfvl2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zgLOfX32t03c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk.</b> If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zf4fUO2zEO55" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Economic and Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zlEhBgIp8EId" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risks</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zhfrGfHXIck6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zuMIGjZNcGn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zuZX98rsfySa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zYYNKw6nhoz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zPPWJmAzkM09" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z9dldzQX9TU" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Funds own shares.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zGogSeHonSh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zcUW6iFDtso4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate -2X the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zI7gxs7HTINh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zZWBLDZu6Rb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zpSosav8Mf62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have only a limited track record or history on which to base their investment decisions. There can be no assurance that th Fund will maintain an economically viable size.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zClmFFRRnFI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zRh99eD33SEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z6UXNPdoeSvk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational Risk.</b> The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zD705yEqUtKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government and U.S. Agency Obligations Risk.</b> The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zPlGSSlBF80b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk. </b>The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zhRqsD3ABYM9"></span></div> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zyecHdtSIBY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000096888Member_zr8V6VfMGl6e">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000096888Member_zuvSRtzHeBFd">When such information is included, this section 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.</span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000096888Member_zKodSVn5lieg">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000096888Member_z0FiCOTsyALl">www.defianceetfs.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG KEEL ETF – FUND SUMMARY Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zJbS7HNxdasg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Keel Infrastructure Corp. (Nasdaq: KEEL) (f/k/a Bitfarms Ltd.). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zkOcnrnf4WE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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. </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div></div> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zwDoATuKHeX9"></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zMEdwSdwITsk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td> </td> <td> </td> <td id="xdx_496_20260825__20260825__oef--ClassAxis__custom--C000269217Member_zWJYa5SJlI49" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_98E_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000099441Member_zdNC5bS9yhCe" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zucOtbOgqaxe">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_ztJLphAKHlf7" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPqpC1SrAdF6" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zmCc5OUaG6se" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F42_zEqAYg6cpF8e">(2)</sup> </span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.06</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_z8sE5Lwrm4le" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4E_zfw8fz03Okoj">(3)</sup> </span></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.35</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0D_z5waQSoeqgki">(1)</sup></td><td id="xdx_F1D_zj6t7U2bnxK5" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0C_znh45dkSZfj">(2)</sup></td><td id="xdx_F12_zFcynpD5dob4" style="text-align: justify"><span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000099441Member_zNgMxkUyknqc">Based on estimated amounts for the current fiscal year.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F03_z1huBiwXvYqf">(3)</sup></td><td style="text-align: justify"><span id="xdx_F15_zaNtsE21rZOl">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0006 0.0135 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zFp3o1BKuQZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or hold 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKwEpolirt42"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z6iCAzzzfvVf" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_z8yUKJBm1ks4" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_z4ICz3lSYnK7" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_410_20260825__20260825__oef--ClassAxis__custom--C000269217Member_zqAdP8dITLma"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$137</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$428</span></td></tr> </table> 137 428 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zu6lArz8ItR7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of December 29, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_90E_eoef--PortfolioTurnoverRate_pid_c20260825__20260825__dei--LegalEntityAxis__custom--S000099441Member_zSdPolQKI67b">0</span>% of the average value of its portfolio. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zJMxJVJ34LQ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90A_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000099441Member_zy7ujI5IWIZ">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Keel Infrastructure Corp. (“KEEL”) (f/k/a Bitfarms Ltd.)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Keel is a digital and energy infrastructure company that develops and owns data centers and power assets supporting High-Performance Computing (HPC) workloads, including AI. KEEL currently maintains its legacy North American bitcoin mining operations to help fund its operations and development efforts. Keel Infrastructure CorpPrior to April 1, 2026, KEEL operated under the name Bitfarms Ltd. and was headquartered in Canada. On April 1, 2026, Bitfarms Ltd. redomiciled to the United States and changed its name to Keel. KEEL KEEL is listed on the Nasdaq Global Market (“Nasdaq”). Per KEEL’s most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates as of June 30, 2025 was approximately $406.1 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KEEL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is subject to the informational requirements of the Exchange Act. Information provided to or filed with the SEC by KEEL pursuant to the Exchange Act can be located by reference to SEC file number 001-40370 through the SEC’s website at www.sec.gov. In addition, information regarding KEEL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of KEEL or other securities of Keel Infrastructure Corp. The Fund has derived all disclosures contained in this document regarding KEEL from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to KEEL. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding KEEL is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of KEEL (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning KEEL could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of KEEL.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, THE TRUST, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH KEEL INFRASTRUCTURE CORP. OR BITFARMS LTD. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, KEEL INFRASTRUCTURE CORP. OR BITFARMS LTD.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Keel Infrastructure Corp. havehas not participated in the development of the Fund’s investment strategy. Keel Infrastructure Corp. dodoes not select or approve the Fund’s portfolio holdings, nor do they participate in the construction, design, or implementation of the Fund. Keel Infrastructure Corp. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Keel Infrastructure Corp. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by KEEL or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, KEEL is assigned to the Software  industry.</p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--KeelRisksMember_zZb0eJQRAcc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>KEEL Risks.</b> The Fund invests in swap contracts and options that are based on the share price of KEEL. This subjects the Fund to certain of the same risks as if it owned shares of KEEL, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of KEEL, the Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInKeelRiskMember_zfWqm0MwUCmb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Indirect Investment in KEEL Risk. </i>KEEL is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of KEEL but will be exposed to the performance of KEEL (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from KEEL but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--KeelTradingRiskMember_zhqWFcvYZWwc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>KEEL Trading Risk. </i>The trading price of KEEL may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence KEEL’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence KEEL’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for KEEL’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--KeelPerformanceRiskMember_z4NdP9MjMXE7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>KEEL Performance Risk. </i>KEEL may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of KEEL to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance KEEL provides may not ultimately be accurate. If KEEL’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by KEEL could decline significantly.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--KeelBusinessRiskMember_zY669UjUAkRl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>KEEL Business Risk. </i>KEEL is subject to financial reporting risks and has publicly reported material weakness in internal controls that have necessitated restating financial statements. KEELKEELKEELKEELKEEL KEEL recently changed its business to focus on developing and offering HPC data centers, which may disrupt its Bitcoin Mining business, divert its resources, and require significant management attention that would otherwise be available for overseeing and developing the existing Bitcoin Mining operations business. While KEEL currently intends to continue the Bitcoin Mining operations, the allocation of resources to support HPC data center development may reduce the capital, personnel, infrastructure and power capacity available for the Mining business. In particular, diverting future power capacity to HPC and AI workloads may limit KEEL’s ability to deploy that power for Mining, which is a highly competitive and capital-intensive industry. Managing multiple distinct lines of business may increase operational complexity and place additional demands on our management, technical, and support teams, which could negatively affect our overall performance, strategic execution and profitability.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinMiningRiskMember_zVtlzX4XLzue"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Bitcoin Mining Risk. </i>The necessary hardware and other equipment utilized by bitcoin miners are subject to malfunction,  technological obsolescence, the global supply chain and difficulty and cost in obtaining new hardware. Bitcoin miners are subject to malfunctions and normal wear and tear, and, at any point in time, a certain number of Bitcoin miners are typically off-line for maintenance or repair. If there is a component malfunction in the hardware or the software that powers these miners, the percentage of offline miners could increase substantially, disrupting mining operations. Any major bitcoin miner malfunction out of the typical range of downtime for normal maintenance and repair could cause significant economic damage. Additionally, as technology evolves, there may be a need to acquire newer models of miners to remain competitive in the market. New miners can be costly and may be in short supply. Given the long production period to manufacture and assemble bitcoin miners and potential global semiconductor chip shortages, there can be no assurance that miners can acquire enough bitcoin mining computers or replacement parts on a cost-effective basis for the maintenance and expansion necessary for efficient bitcoin mining operations. Many engaged in mining rely on third parties, principally located in emerging or developing countries, to supply bitcoin miners and shortages of bitcoin miners or their component parts. Material increases in bitcoin miner costs, or delays in delivery of orders, including due to trade restrictions and supply chain disruptions, could significantly interrupt plans for expanding bitcoin mining capacity in the near term and future. Shortages of bitcoin mining computers could result in reduced bitcoin mining capacity and increased operating costs, which could materially delay the completion of any planned bitcoin mining capacity expansion and result in a competitive disadvantage. Bitcoin mining companies also rely on highly skilled financial service professionals and software engineers. Because of competition from other firms, they may face difficulties in recruiting and retaining professionals of a caliber consistent with their business strategy in the future. The inability to successfully identify and retain qualified professionals could materially and adversely affect the growth, operations, or financial condition of bitcoin mining companies.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinSupplyRiskMember_zOYAcwzvjtfh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Bitcoin Supply Risk. </i>Global bitcoin supply may be effected by miners and taxpayers who may liquidate bitcoin holdings to meet tax obligations. In addition, the dedication of mining power to the Bitcoin network and the willingness of bitcoin miners to clear bitcoin transactions for relatively low fees may impact the supply and price. An acute cessation of mining operations would reduce the collective processing power on the blockchain, which would adversely affect the transaction verification process by temporarily decreasing the speed at which blocks are added to the blockchain and make the blockchain more vulnerable to a malicious actor obtaining control in excess of 50 percent of the processing power on the blockchain. Reductions in processing power could result in material, though temporary, delays in transaction confirmation time. Any reduction in confidence in the transaction verification process or mining processing power may adversely impact the price of bitcoin and the value of bitcoin mining companies. Furthermore, the revenue from newly-created bitcoin (known as the “block reward”) will decrease over time and eventually cease entirely. As the block reward continues to decrease over time, the mining incentive structure will transition to a higher reliance on transaction verification fees (i.e., fee taken upon verification of blockchain transactions) in order to incentivize miners to continue to dedicate processing power to the blockchain. If transaction verification fees become too high, the marketplace may be reluctant to use bitcoin, negatively impacting bitcoin mining companies including as KEEL, and in turn, the Fund.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MinerCollusionRiskMember_zEcAuoRDJk7j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Miner Collusion Risk. </i>Miners, functioning in their transaction confirmation capacity, collect fees for each transaction they confirm. Miners validate unconfirmed transactions by adding the previously unconfirmed transactions to new blocks in the blockchain. Miners are not forced to confirm any specific transaction, but they are economically incentivized to confirm valid transactions as a means of collecting fees. Miners have historically accepted relatively low transaction confirmation fees because miners have a very low marginal cost of validating unconfirmed transactions. In addition, most iterations of mining software will prioritize transaction recorded based on (i) thresholds selected by the user, (ii) the transaction fee paid with the transaction, (iii) the value attached to the transaction and (iv) the time the transaction was received by the mining software. If miners collude in an anticompetitive manner to not record transactions that pay low transaction fees, then bitcoin users would be required to wait for their transaction to be included in a block by a miner not requiring such transaction fees. Such a scenario would require that users pay higher fees to ensure their transactions are recorded promptly, thus reducing the attractiveness of the Bitcoin network. Bitcoin mining occurs globally and it may be difficult for authorities to apply antitrust regulations across multiple jurisdictions. Any collusion among miners may adversely impact the value of KEEL, and in turn, the value of the Fund.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySupplyAndEnvironmentalImpactRiskMember_zo6zwniWIfd4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Energy Supply and Environmental Impact Risk. </i>Bitcoin mining activities are inherently energy-intensive and electricity costs account for a significant portion of the overall mining costs. The availability and cost of electricity will restrict the geographic locations of mining activities. High costs of electricity may incentivize miners to redirect their resources to other validation protocols, such as proof-of-stake blockchains, or abandon their validation activities entirely. A significant decrease in the computational resources dedicated to the Bitcoin network’s validation protocol could reduce the security of the network which may erode bitcoin’s viability as a store of value or means of exchange. Further, there are indirect costs that impact the Bitcoin network’s total energy consumption, including the costs of cooling the machines that perform the necessary calculations. In addition, the significant consumption of electricity may have a negative environmental impact, including contribution to climate change, which may give rise to public opinion against allowing the use of electricity for bitcoin mining activities or government measures restricting or prohibiting the use of electricity for bitcoin mining activities. Any such developments could lower the demand for bitcoin and have a material and adverse effect on the price of bitcoin.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--GovernmentRegulatoryRiskMember_zRcwSy06qvQl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Government Regulatory Risk. </i>Driven by concerns around energy consumption and the impact on public utility companies, various states and cities have implemented, or are considering implementing, moratoriums on mining activity in their jurisdictions. A significant reduction in mining activity as a result of such actions could adversely affect the security of the Bitcoin network by making it easier for a malicious actor or botnet to manipulate the Bitcoin network. If regulators or public utilities take action that restricts or otherwise impacts mining activities, such actions could result in decreased security of a digital asset network, including the Bitcoin network, and consequently adversely impact the value KEEL and in turn, the value of the Fund.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedOperatingHistoryRiskMember_zfHhJnN2PDCk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Limited Operating History Risk.</i> KEEL has only a limited operating history. KEEL is subject to many risks common to venture enterprises, including under-capitalization, potential cash shortages and limitations with respect to personnel, financial and other resources. Although KEEL has achieved profitable quarters in the past, to date, it has not maintained consistent profitability from period to period, and no assurances can be made that KEEL will achieve consistent profitability in the near future, if ever. 2025KEEL 208.5KEEL]There is no assurance that KEEL will be successful in achieving a return on shareholders’ investment or meeting other metrics of success, which can impact the Fund.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div></div> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinBlockchainAndOtherDigitalAssetsRiskMember_zZG73hAaFixc"></div> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Bitcoin, Blockchain and other Digital Assets Risk</i>.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Blockchain technology is new and many of its uses may be untested. The mechanics of using blockchain technology to transact in digital or other types of assets, such as securities or derivatives, is relatively new and untested. There is no assurance that widespread adoption will occur. A lack of expansion in the usage of blockchain technology could adversely affect bitcoin mining companies. Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user’s account (or “wallet”). The theft, loss, or destruction of these keys could adversely affect a user’s ownership claims over an asset or a company’s business or operations if it was dependent on the blockchain. The development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. Further, if one or more other persons, companies or organizations has or obtains a valid patent covering technology critical to the operation of one or more of a bitcoin mining company’s business lines, there can be no guarantee that such an entity would be willing to license such technology at acceptable prices or at all, which could have a material adverse effect on the bitcoin mining company’s business, financial condition and results of operations.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Cyber security incidents may compromise bitcoin mining companies’ operations, or its business. Cyber security incidents may also specifically target a user’s transaction history, digital assets, or identity, thereby leading to privacy concerns. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response. Additionally, blockchain functionality relies on the Internet. A significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Digital assets and their associated platforms are largely unregulated, and the regulatory environment is rapidly evolving. Because blockchain technology works by having every transaction build on every other transaction, participants can self-police any corruption, which can mitigate the need to depend on the current level of legal or government safeguards to monitor and control the flow of business transactions. As a result, companies engaged in such blockchain activities may be exposed to adverse regulatory action, fraudulent activity, or even failure. There can be no guarantee that future regulation of blockchain technology or digital assets will not have a negative impact on the value of such technologies and of KEEL and other bitcoin mining companies.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Significant contributors to all or any digital asset network could propose amendments to the respective network’s protocols and software that, if accepted and authorized by such network, could adversely affect a bitcoin mining company. For example, with respect to the Bitcoin network, a small group of individuals contribute to the Bitcoin network’s source code. Those individuals can propose refinements or improvements to the Bitcoin network’s source code through one or more software upgrades that alter the protocols and software that govern the Bitcoin network and the properties of bitcoin, including the irreversibility of transactions and limitations on the mining of new bitcoin. To the extent that a significant majority of the users and miners on the Bitcoin network install such software upgrade(s), the Bitcoin network would be subject to new protocols and software that may adversely affect bitcoin mining companies.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Bitcoin mining companies rely heavily on the success of the digital asset industry, the development and acceptance of which is subject to a variety of factors that are difficult to evaluate. Digital assets are assets designed to act as a medium of exchange. Digital assets are an emerging asset class. There are thousands of digital assets, the most well-known of which is bitcoin. Digital assets generally operate without a central authority (such as a bank) and are not backed by any government. Digital assets are not legal tender. Federal, state and/or foreign governments may restrict the use and exchange of digital assets, and regulation in the United States is still developing. The market price of bitcoin has been subject to extreme fluctuations. Digital assets are susceptible to theft, loss, and destruction. Digital asset exchanges and other trading venues on which digital assets trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Digital asset exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers, or malware, which may also affect volatility. Volatility of digital assets may have a material adverse effect on a bitcoin mining company’s business, financial condition, and results of operation.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_z5oWES5AO4K1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Software Industry Risk. </i>The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zHHgzbk2tDMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zyORpsZUi1ug" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 102.69%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 110.86%. The Underlying Security’s annualized performance during this period was 7.81%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zsYtIv6zIjq8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z3EC5F4UUiTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leverage Risk</b>. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zpTZsFERC2b8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zbmOGPQ9M5Dh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zSGEo7WMhdKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zJA4hoV6dSUb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zpY9tdxSfaZk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zpRKpO1Vo9Af" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zZKlQJagVVGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zEBUOByDC11l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zOK8gcDV3gO" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zQS4w7Ih5Jcf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zBMhajge60S3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zAkj0IZ1MyMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zJYVWczRLD7l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zFsj58lonrB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zgqTChdWVub6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zmA0cRtePiW8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zCaDqapJWJSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zNAzn3QMLkd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zbOLc0tOkdJ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zuq84gMBHvlf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zgrnTMvSVy66" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zYjVyjm8rpC2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zMW2V9WLnUI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zivHTSR2Pava" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zzT6NW4Hiqc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zYZg9TL7nbj5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000099441Member_zfEXEJ2CgRTg">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000099441Member_z9yIrPpbnnZ4">When such information is included, this section 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.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000099441Member_zIFjCixdpEWh">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000099441Member_zkQ8Wcwq6Wmd">https://www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG CLS ETF – FUND SUMMARY Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zpFOF2ZkDFD" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Celestica Inc. (NYSE: CLS). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_z7cavTMNhYge" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zWEzlj6sqRej"></div> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zEU5WAIZaSx2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td> </td> <td> </td> <td id="xdx_490_20260825__20260825__oef--ClassAxis__custom--C000269218Member_zKwSTZXu0T8" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_980_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000099442Member_zfv1Z2D86Ov7" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6A_zfCBvQuI54Q2">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zIAZm1CzTlSl" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td> </td> <td> </td> <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQWfdI6BMwg" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zekm9OPPXsZk" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F41_ztgoqg10Req1">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zMcweI0tAH1d" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F40_zfPS1HfeeXt2">(3)</sup></span></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0E_zlod0A0ivDml">(1)</sup></td><td id="xdx_F10_zIR9xRQlO1Hc" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0F_zBGSOlNL1ikc">(2)</sup></td><td id="xdx_F1C_zPrwlJt6wWVc" style="text-align: justify"><span id="xdx_90E_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000099442Member_zd7hrk7z2XYa">Based on estimated amounts for the current fiscal year.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F02_zw1Ntvj27xn7">(3)</sup></td><td id="xdx_F1C_zc0hSm23dZEg" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zK5Ud5leZQhj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or hold 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoGONkpLcvb9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zVwTz3w5fD2h" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_z7VSP9UocSJ" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zXzaNt2WSEq2" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_417_20260825__20260825__oef--ClassAxis__custom--C000269218Member_zekh6WAVAzi5"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415</span></td></tr> </table> 133 415 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zgkWpUPtVMO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zB8NDzgGnbjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000099442Member_zfujhq1A7vWa">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Celestica Inc. (“CLS”)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Celestica Inc., headquartered in Toronto, Canada, is a global electronics manufacturing services company providing end-to-end design, manufacturing, and supply chain solutions to clients in a wide range of industries, including aerospace, defense, health technology, and communications. CLS is listed on the New York Stock Exchange (“NYSE”). Per CLS’ most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates as of June 30, 2025 was approximately $17.9 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CLS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and subject to the informational requirements of the Exchange Act. Information provided to or filed with the SEC by CLS pursuant to the Exchange Act can be located by reference to SEC file number 1-14832 through the SEC’s website at www.sec.gov. In addition, information regarding CLS may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of CLS or other securities of Celestica Inc. The Fund has derived all disclosures contained in this document regarding CLS from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to CLS. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding CLS is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of CLS (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning CLS could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of CLS.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH CELESTICA INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, CELESTICA INC.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Celestica Inc. has not participated in the development of the Fund’s investment strategy. Celestica Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Celestica Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Celestica Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by CLS or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, CLS is assigned to the Electronic Equipment, Instruments &amp; Components industry. </p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClsRisksMember_zEW6AUVecsT5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>CLS Risks.</b> The Fund invests in swap contracts and options that are based on the share price of CLS. This subjects the Fund to certain of the same risks as if it owned shares of CLS, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of CLS, the Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInClsRiskMember_zDtIWWMwvlqf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Indirect Investment in CLS Risk. </i>CLS is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of CLS but will be exposed to the performance of CLS (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from CLS but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClsTradingRiskMember_zuShhz8CFO8c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>CLS Trading Risk. </i>The trading price of CLS may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence CLS’ trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence CLS’ stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for CLS’ shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClsPerformanceRiskMember_zI4fYgYhAL72"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>CLS Performance Risk. </i>CLS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of CLS to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance CLS provides may not ultimately be accurate. If CLS’ guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by CLS could decline significantly.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClsBusinessRiskMember_zJbJIOpmVP69"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>CLS Business Risk. </i>CLS stock has seen significant past rallies, leading to high valuation multiples – meaning that future growth in price performance of CLS stock is heavily dependent on continued, exceptional operations growth. If CLS fails to continue growing its business and customer base, its stock is vulnerable to a potentially significant pullback in price. In addition, CLS may rely heavily on a limited number of large customers for a substantial portion of its revenue, and the loss of one or more major customers could have a significant negative impact on CLS’ revenue and cash flow. Its dependence on a few large customers may also give such customers strong negotiating power to achieve lower pricing, resulting in lower profit margins for CLS.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ElectronicEquipmentInstrumentsAndComponentsIndustryRiskMember_zQR4RYGNAAd7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Electronic Equipment, Instruments and Components Industry Risk. </i>Companies in the electronic equipment, instruments, and components industry face risks posed by geopolitical tensions such as trade wars, sanctions, and export controls, which can disrupt the flow of critical components, raw materials, and advanced technologies. Such disruptions may lead to shortages, longer lead times, and increased costs. Geopolitical events can also destabilize key manufacturing regions. Such companies may also be heavily dependent on a single or a few suppliers for components which increases their vulnerability to unforeseeable events like natural disasters, factory fires, equipment breakdowns, or labor strikes. Limited production capacity for key components like semiconductors and potential scarcities of critical minerals (e.g., lithium) can cause production delays and cost increases. Congestion at ports, container shortages, and rising shipping costs can hinder timely delivery of components. Components can become obsolete during a product’s lifecycle, leading to project delays and additional costs. Fluctuations in consumer and industry demand for electronic products can lead to rapid shifts in the market, making production forecasting challenging and potentially resulting in excess inventory or missed sales opportunities. Rapid technological changes, including advancements in artificial intelligence (AI), 5G (i.e., referring to fifth generation cellular technology) and electric vehicles, for example, while driving growth also require continuous innovation and investment for companies to remain competitive in a highly competitive industry. Additionally, technological advancements are critical for maintaining competitiveness in this sector, but the high cost and uncertain outcomes of research and development efforts may pose financial risks. Companies in this industry face heightened cybersecurity risks due to the sensitive nature of their technologies, and breaches can lead to operational disruptions, reputational damage, and regulatory scrutiny.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceAndDataCenterInfrastructureRiskMember_zV1z2w0z0GV6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Artificial Intelligence and Data Center Infrastructure Risk. </i>The future development and adoption of AI and the deployment of data center infrastructure are uncertain and depend on the availability and cost of critical inputs (including power and water), which could materially affect demand for CLS’ products and services. The long-term trajectory of AI adoption and related data center deployment is uncertain and may affected by a variety of factors, including rapid changes in technology and customer AI roadmaps, evolving regulatory developments (including export controls and AI-related measures), constraints on specialized components and data center capacity, and the availability, timing, reliability and price of critical utilities.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryAndComplianceRiskMember_zbSJroyLg3F"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Regulatory and Compliance Risk</i>. Companies in the electronic equipment, instruments, and components industry face risks posed by varying trade policies, tariffs, and export controls which can create compliance burdens and impact profitability, especially for companies manufacturing in or sourcing from specific regions. Stricter rules related to cybersecurity and data protection for connected devices require manufacturers to invest in secure product development. Increasing focus on eco-friendly design, energy efficiency, and recyclability mandates adherence to new environmental regulations, potentially incurring additional costs for material substitution, testing, and redesign of equipment and components.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zZZ5b5TuWRN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_za8ybrFmFhK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="3" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; width: 24%"> </td> <td style="width: 2%"> </td> <td style="width: 24%"> </td> <td style="width: 10%"> </td> <td style="width: 10%"> </td> <td style="width: 10%"> </td> <td style="width: 10%"> </td> <td style="width: 10%"> </td> </tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td> </tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td> </tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 58.18%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 76.05%. The Underlying Security’s annualized performance during this period was 115.40%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zQ8GmBtZr9L2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_ztPICBaPTLSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leverage Risk</b>. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zZu0yAyIDhE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zPfvQUe8MPEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zwaxtiNVnIFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z3cBCWRNAGoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_ztKbR33plUQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z9v36xzdqcOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zABpLKDW3VAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zgFsY8NECSJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zbP4hJk5QICc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zinXQnVylcZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zFAZ8tIIdzgg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z9e56MoBy5df" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zZ6cE2McrJw4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zFoRfcmOXbXc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zUrr3HbSRbzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zZw7OhpRJpnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zbgqL3hfN50a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zpfAky6kndIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zAfmebeBxLsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zYunWzYUi0S2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zEBzC4mmlCt4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zVmb8qpvtIZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zqCaEa89QwA2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zBrRcCynH0Cf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zZ9dejAfbOfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zDWveb7hEsNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_901_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000099442Member_ziXyN4aVIlP">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000099442Member_zjVYIAAP2Zdh">When such information is included, this section 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.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000099442Member_zBbrO28gmnnl">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000099442Member_z5f4rzxcW2Pf">https://www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG HPQ ETF – FUND SUMMARY Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zj6dJNTdLvZb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of HP Inc. (NYSE: HPQ). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zGE2vaVzEA2c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zjhEBJgnGU02"></div> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zk88V8We17xa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td> </td> <td> </td> <td id="xdx_499_20260825__20260825__oef--ClassAxis__custom--C000269219Member_zpLyNdKUTwuj" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_981_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000099443Member_zPmk2KIYkif1" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6F_zcNjJ5QOJHc2">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zZzxZxFOibdj" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3sUsl05TKke" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_z692oBGGFSOk" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F42_zoMJR6Q0vsQi">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_ztfKddv3g5Z4" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4C_zryqfQWeswB1">(3)</sup></span></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0B_z4e4JLmnlbAa">(1)</sup></td><td id="xdx_F13_zO1Qlp4c1u85" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F03_zW0467DIewK1">(2)</sup></td><td id="xdx_F1D_z7mA02pOyCLe" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000099443Member_ztlyaac08b1f">Based on estimated amounts for the current fiscal year.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F05_zSmcwrnEferc">(3)</sup></td><td id="xdx_F18_zVvvMsrysst8" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zC4wSMHr3Ws" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or hold 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1p88CLrHwi6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zqatU6CsHMfi" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zrjThk6MV9Vb" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_z5P5dL9OiJT5" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_417_20260825__20260825__oef--ClassAxis__custom--C000269219Member_zhbOOfJk4HRa"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zjBeSqE4xWj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zkO8LXugE9Ze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_902_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000099443Member_zda49JA0iai4">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">HP Inc. (“HPQ”)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HP Inc. is a global technology company operating in more than 170 countries that designs, manufactures and sells devices, services and subscriptions supporting both home and professional uses for personal computing systems, printing, 3D printing, hybrid work, gaming and other related technologies. HPQ is listed on the New York Stock Exchange (“NYSE”). Per HPQ’s most recent Form 10-K filing, the aggregate market value of HPQ’s common stock held by non-affiliates was approximately $24.1 billion based on the last sale price of its common stock as of April 30, 2025.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HPQ is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is subject to the informational requirements of the Exchange Act. Information provided to or filed with the SEC by HPQ pursuant to the Exchange Act can be located by reference to SEC file number 1-4423 through the SEC’s website at www.sec.gov. In addition, information regarding HPQ may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of HPQ or other securities of HP Inc. The Fund has derived all disclosures contained in this document regarding HPQ from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to HPQ. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding HPQ is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of HPQ (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning HPQ could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of HPQ.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH HP INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, HP INC.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, HP Inc. has not participated in the development of the Fund’s investment strategy. HP Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. HP Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by HP Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by HPQ or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, HPQ is assigned to the Technology Hardware, Storage &amp; Peripherals  industry.</p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HpqRisksMember_zMxH80ovJsB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>HPQ Risks.</b> The Fund invests in swap contracts and options that are based on the share price of HPQ. This subjects the Fund to certain of the same risks as if it owned shares of HPQ, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of HPQ, the Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInHpqRiskMember_zphUKwvHtDOa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Indirect Investment in HPQ Risk. </i>HPQ is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of HPQ but will be exposed to the performance of HPQ (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from HPQ but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HpqTradingRiskMember_zOAdmeSoE8G6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>HPQ Trading Risk. </i>The trading price of HPQ may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence HPQ’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence HPQ’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for HPQ’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HpqPerformanceRiskMember_zMGAdWHqUlqf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>HPQ Performance Risk. </i>HPQ may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of HPQ to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance HPQ provides may not ultimately be accurate. If HPQ’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by HPQ could decline significantly.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HpqBusinessRiskMember_zs46gwE1Si04"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>HPQ Business Risks.</i> HP Inc. faces significant business risks driven by its reliance on mature and cyclical markets, intense competition, and broader macroeconomic factors. The company’s core businesses, particularly printing, face secular decline as the demand for print materials diminishes, while the personal computing market is vulnerable to fluctuating consumer and business spending. This is compounded by intense competition from rivals like Lenovo, Dell, and Apple, leading to pressure on profit margins. Financial risks include significant debt and pressure on cash flow during periods of elevated interest rates, as well as the uncertain profitability of new investments, particularly in the artificial intelligence (AI) sector. Operationally, HPQ is exposed to supply chain vulnerabilities, including geopolitical risks that can lead to increased production costs from tariffs and potential disruptions from relying on third-party suppliers. Furthermore, rapid technological change poses a constant threat of making current products obsolete, necessitating continuous and uncertain investment in research and development.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TechnologyHardwareStorageAndPeripheralsIndustryRiskMember_z54KbgYyAye3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Technology Hardware, Storage &amp; Peripherals Industry Risk. </i>Technology hardware, storage and peripherals companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by these companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of technology hardware companies depends in substantial part on the timely and successful introduction of new products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results. Many of these companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by the companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zhWtcFrj2pgd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zmqH3kWv2HOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 35.85%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 40.60%. The Underlying Security’s annualized performance during this period was -6.18%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zY8gKCaomiX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zoyhyJ9OlCe1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leverage Risk</b>. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z3urZkGSsshb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zNi6vnWWS29e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zcZpYkJnpAhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z51FaHQcTAOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_ztVDKPgQH1ic" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zw5mbUxWceek" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zGRlswT0SlN5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zSp97H8wW1C3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zmwzlbDqFBMi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zFsHR7nYbDa4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zlZ5Q5ChP3Oh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zr3Bvnp4jOui" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zLUX4qXyfbZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_ztNgF6bpSvGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zyTD9HCMtIMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z1Ryen78MLza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zkeAU1THtYX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z6hBZF302EW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z59dU1ANYQr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zlIDR5i5uJJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z14snsG76Snl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zrrIRl70vpr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zQLaTyORWdSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_ztJQMFjSq0q" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zprYjpEAxI08" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_z3LaK1a3HQz" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_906_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000099443Member_zuZ9yCdmlpe">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000099443Member_z79q59V1ft41">When such information is included, this section 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.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000099443Member_z37iaU2TiSLk">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000099443Member_zoaqa3AvwUR3">https://www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG JMIA ETF – FUND SUMMARY Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zXKkEcJsH294" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Jumia Technologies AG - ADR (NYSE: JMIA). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zcle3MoZmFC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z0w7VHfBhqpl"></div> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zBL5mICFqt32" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td> </td> <td> </td> <td id="xdx_491_20260825__20260825__oef--ClassAxis__custom--C000269220Member_z0q5fkkJSsB5" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_982_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000099444Member_zl48W33aCrvl" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6E_zltRc155g42c">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zA0jXxNx1X49" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zqrNKHziWYv1" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td> </td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zNvO8pBggyq2" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F42_zhRUtDE6c1pl">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zEuR738LwJE2" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4A_zKR8HzdWeA8h">(3)</sup></span></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0E_zxrRigxyqm82">(1)</sup></td><td id="xdx_F1E_zXVhN6zdRSfk">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F01_zWwaO1AdgPIa">(2)</sup></td><td id="xdx_F13_zQl8OzvGD0ke"><span id="xdx_90A_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000099444Member_zt1c2atebuaa">Based on estimated amounts for the current fiscal year.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F03_zgboosvW6je1">(3)</sup></td><td id="xdx_F1B_zfiyxhSHbS2j">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zJkGoYqZITy5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or hold 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zU8jeJD1uZyk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zu7OWoHpdxrj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_z9pvJQTILmI2" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zRLVdE2ZUUEe" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_417_20260825__20260825__oef--ClassAxis__custom--C000269220Member_zKtYSpk0h8H4"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zemT0rUJublf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zz9BFlWpGtx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security, and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000099444Member_zZyEZUiw1dYf">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Jumia Technologies AG (“JMIA”)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Jumia Technologies AG, headquartered in Berlin, Germany, is a leading African e-commerce platform that provides a marketplace connecting sellers and consumers, an integrated logistics service for product delivery, and a payment service (known as “JumiaPay”) to facilitate transactions. Operating in multiple African countries, including Nigeria and Kenya, JMIA also offers digital services, including food delivery, hotel and flight bookings, and mobile airtime recharge.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JMIA ADRs are listed on the New York Stock Exchange (“NYSE”). Per JMIA’s most recent Form 20-F filing for the fiscal year ended December 31, 2025, (i) the total number of JMIA ordinary shares outstanding as of December 31, 2025 was approximately 247.7 million shares and (ii) as of February 1, 2026, based on available information, there were approximately 123,852,603 ADRs outstanding, each representing two ordinary shares of the company (representing 100% of the then-outstanding total ordinary shares).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JMIA is registered as a foreign private issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by JMIA pursuant to the Exchange Act can be located by reference to SEC file number 001-38863 through the SEC’s website at www.sec.gov. In addition, information regarding JMIA may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of JMIA or other securities of Jumia Technologies Inc. The Fund has derived all disclosures contained in this document regarding JMIA from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to JMIA. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding JMIA is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of JMIA (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning JMIA could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of JMIA.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH JUMIA TECHNOLOGIES INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, JUMIA TECHNOLOGIES INC.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Jumia Technologies Inc. has not participated in the development of the Fund’s investment strategy. Jumia Technologies Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Jumia Technologies Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Jumia Technologies Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by JMIA or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, JMIA is assigned to the Broadline Retail  industry.</p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--JmiaRisksMember_zEsZK18r3NBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>JMIA Risks.</b> The Fund invests in swap contracts and options that are based on the share price of JMIA. This subjects the Fund to certain of the same risks as if it owned shares of JMIA, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of JMIA, the Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInJmiaRiskMember_zr1GOK4mmmV3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Indirect Investment in JMIA Risk. </i>JMIA is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of JMIA but will be exposed to the performance of JMIA (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from JMIA, but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--JmiaTradingRiskMember_zNrGSdWBaeNi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>JMIA Trading Risk. </i>The trading price of JMIA may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence JMIA’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence JMIA’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for JMIA’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--JmiaPerformanceRiskMember_zKcQNr6AoAr9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>JMIA Performance Risk. </i>JMIA may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of JMIA to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance JMIA provides may not ultimately be accurate. If JMIA’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by JMIA could decline significantly.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--JMIABusinessRisksMember_zhZQrYJvTSU5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>JMIA Business Risks. </i>JMIA faces significant risks related to the volatile and underdeveloped economies in which it operates, including currency devaluations in key markets including Nigeria and Egypt that in the past have dampened profitability and consumer spending. JMIA also contends with underdeveloped infrastructure, such as poor road networks, which increases logistics and fulfillment costs and hampers efficient delivery. Many of the countries in which JMIA operates are, or have been, characterized by political instability or changes in regulatory or other governmental policies. JMIA’s business may be materially and adversely affected by an economic slowdown in any region of Africa and growth of JMIA’s business depends on an increase in internet penetration in Africa as well as other external factors, some of which are beyond JMIA’s control. Aggressive competition from both local e-commerce players and global giants like Temu and Amazon adds pressure on market share and pricing. Furthermore, JMIA faces operational challenges, such as building consumer trust, managing fraud, and handling a strong local preference for cash-on-delivery payments, all of which complicate its path to sustained profitability. Despite recent positive operational developments, these external and internal factors create high volatility and execution risk, making JMIA’s long-term profitability uncertain. JMIA has incurred significant losses since its inception and there is no guarantee that JMIA will achieve or sustain profitability in the future. JMIA has in the recent past experienced negative cash flows, and it may need to raise more capital through additional issuance of stock to cover negative cash flows, which could result in the dilution of existing shareholders. If operation of JumiaPay were found to be in violation of applicable laws or regulations, or if JumiaPay is found to be engaged in an unauthorized banking or financial business, JMIA could be subject to fines or other sanctions, forced to cease doing business in certain countries, or forced to change its business practices.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BroadlineRetailIndustryRiskMember_zwxKbsNFkpah"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Broadline Retail Industry Risk.</i> Companies in the broadline retail industry, including those operating through internet platforms and direct marketing channels, are subject to fluctuating consumer demand and intense competition, which may compel them to reduce profit margins to remain competitive. Unlike traditional brick-and-mortar retailers, online retailers and marketplaces often assume shipping costs or must pass such costs on to consumers, which can adversely affect profitability. In addition, companies in this industry are more exposed to cybersecurity risks due to their reliance on digital platforms to process, store, and transmit large volumes of data, including personal customer information, and are subject to increasing government regulation and oversight. A failure to prevent or mitigate data breaches or other security incidents could result in the loss or misuse of sensitive information, harm brand reputation, subject companies to litigation or regulatory scrutiny, and negatively impact financial performance.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignPrivateIssuerRiskMember_zVyW5jnZNBzk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Foreign Private Issuer Risk. </i>JMIA is a “foreign private issuer,” as defined in SEC rules and regulations, and, consequently, is not subject to all of the disclosure requirements applicable to companies organized within the U.S. JMIA is exempt from certain rules under the Securities Exchange Act of 1934 (the “Exchange Act”) that regulate disclosure obligations and procedural requirements related to the solicitation of proxies, consents or authorizations applicable to a security registered under the Exchange Act. If JMIA were to lose it foreign private issuer status, this would require JMIA to comply with the Exchange Act’s domestic reporting regime and cause it to incur significant legal, accounting and other expenses.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zHsyIbRYTAs" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_znWwJCP144e1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 93.22%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 114.82%. The Underlying Security’s annualized performance during this period was -25.30%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_z9lhT4uwnBzj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zcy15YmbRi9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leverage Risk</b>. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgq1Skpfggg6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zgeKWydJlzK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zK6FyRNoHSV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zfIJ1iDFuPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z6Ta68Q9Yh16" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z7Xv55ETapM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zGke4k9KvCJ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zkBy9VCKtxn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zMSyOi9K8mD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zYb9olreyDw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zrb2hdgFS2i6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zksG2QOLC4vd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_znTS9chu80Y7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_ziYPfwDWYbDl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zE73unQfio8l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zipA4gzIBaBg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zSKz7DuDoo3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zWgflIEpDXxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zdIVXXNE41rk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zwqUBI0m3ox6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z1K52N8Sthlf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zDzbNSKQSATg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zoLoCMo8qBAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zTJykFn9bme3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zkVInR1fXDL3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zIo4elffksff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_904_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000099444Member_zPuGIGusKEUf">Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000099444Member_zcZjfDlcKt66">When such information is included, this section 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.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000099444Member_zvt1vnzEcJU8">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000099444Member_zVNqNwsXMFs6">https://www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG LUNR ETF – FUND SUMMARY Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zNYz6F6jpwNa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Intuitive Machines, Inc. (Nasdaq: LUNR). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_z2OR9SspQ6kj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zjuwUgNz4293"></div> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zGQr6PfnRJo8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td> </td> <td> </td> <td id="xdx_496_20260825__20260825__oef--ClassAxis__custom--C000269221Member_zFcsYjYqYho7" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_984_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000099445Member_zaXlyOIPnQk4" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F62_z73ilMuLgtM">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zJtxOlb90RJg" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></td> <td> </td> <td> </td> <td style="width: 10%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_znfoLAPBox4" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td> </td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_z8Bg8ft83Gfg" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4A_zWTMEGRUT0s">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.05</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zGHEyZnKtJw" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4C_zL46C0jzicsh">(3)</sup></span></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.34</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F00_zvUtJS7jxnud">(1)</sup></td><td id="xdx_F10_zuG2dW66P4T1" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F07_zvyzXUy4uHa8">(2)</sup></td><td id="xdx_F17_zBIg5peSCMZ" style="text-align: justify"><span id="xdx_90E_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000099445Member_zEtvIl83IGI2">Based on estimated amounts for the current fiscal year.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F04_zaZ3r1PT1uM7">(3)</sup></td><td id="xdx_F18_zP1Kvk1FVF3l" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0005 0.0134 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zrFBmJa0tuN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or hold 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoyWPVD9SuB4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zDEHATb1Etw" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zIgB0U1hZRO2" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zwGgTsJCbag7" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_411_20260825__20260825__oef--ClassAxis__custom--C000269221Member_z3f9UIgXoSn7"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$136</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$425 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 136 425 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zMg8bSlmLxhg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of January 12, 2026 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_903_eoef--PortfolioTurnoverRate_pid_c20260825__20260825__dei--LegalEntityAxis__custom--S000099445Member_zqvCA1WP0Y9h">0</span>% of the average value of its portfolio. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zc56sMT0yq04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_902_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000099445Member_zBx6XXn8nVQc">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Intuitive Machines, Inc. (“LUNR”)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intuitive Machines, Inc. is a space technology company focused on enabling lunar and deep space exploration through robotic and human missions. The company operates in three core sectors: (i) lunar delivery services using lunar landing vehicles, (2) data transmission services, and (3) infrastructure services designed to support operations on the lunar surface. LUNR is listed on The Nasdaq Global Market (“Nasdaq”). Per LUNR’s most recent Form 10-K filing, the aggregate market value of voting stock held by non-affiliates of LUNR on June 30, 2025, based on the closing price of $10.87 for shares of the registrant’s Class A Common Stock as reported by Nasdaq, was approximately $1.3 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">LUNR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is subject to the informational requirements of the Exchange Act. Information provided to or filed with the SEC by LUNR pursuant to the Exchange Act can be located by reference to SEC file number 001-40823 through the SEC’s website at www.sec.gov. In addition, information regarding LUNR may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of LUNR or other securities of Intuitive Machines, Inc. The Fund has derived all disclosures contained in this document regarding LUNR from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to LUNR. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding LUNR is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of LUNR (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning LUNR could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of LUNR.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH INTUITIVE MACHINES, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, INTUITIVE MACHINES, INC.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Intuitive Machines, Inc. has not participated in the development of the Fund’s investment strategy. Intuitive Machines, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Intuitive Machines, Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Intuitive Machines, Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by LUNR or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, LUNR is assigned to the Aerospace and Defense  industry.</p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LunrRisksMember_zxXWeMEi0Q3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>LUNR Risks.</b> The Fund invests in swap contracts and options that are based on the share price of LUNR. This subjects the Fund to certain of the same risks as if it owned shares of LUNR, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of LUNR, the Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInLunrRiskMember_zQIvvY0Vqljl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Indirect Investment in LUNR Risk. </i>LUNR is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of LUNR but will be exposed to the performance of LUNR (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from LUNR but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LunrTradingRiskMember_zqH4Y9jp5l4e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>LUNR Trading Risk. </i>The trading price of LUNR may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence LUNR’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence LUNR’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for LUNR’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LunrPerformanceRiskMember_zKhbQLodBRgh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>LUNR Performance Risk. </i>LUNR may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of LUNR to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance LUNR provides may not ultimately be accurate. If LUNR’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by LUNR could decline significantly.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LunrBusinessRiskMember_zIHjjwpT7A5a"></div> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>LUNR Business Risk. </i>LUNR faces numerous risks, including a history of losses, dependence on government contracts and a few key customers, supply chain vulnerabilities, and technical and operational failures inherent in spaceflight. The company’s growth hinges on the uncertain development of the commercial spaceflight market and requires significant additional capital, while also navigating macroeconomic uncertainties and risks related to intellectual property and internal financial controls. Delays, failures, or cost increases related to launches of lunar landers and satellites could negatively impact the business, while potential defects in systems or failures of products to operate as expected also pose a risk. LUNR relies on limited service providers to support lunar launches, creating significant operational and business risks should a service provider face operational setbacks. A significant portion of LUNR’s revenue has historically come from one or a few large customers, creating significant business risk if these customers reduce their orders or default on contracts. In addition, LUNR has made and may continue to make acquisitions of businesses to add new product and technologies, acquire talent, grow new sales channels or enter into new markets. Any acquisitions, partnerships or joint ventures into which LUNR enters may subject it to integration risks that could disrupt its operations and have a material adverse effect on its business.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AerospaceAndDefenseIndustryRiskMember_zmA1NvkkZSXi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Aerospace &amp; Defense Industry Risk.</i> Companies in the aerospace and defense industry are subject to risks stemming from their reliance on government budgets and spending priorities, which can fluctuate due to political and economic pressures. These companies often operate in highly competitive markets and may face challenges from both domestic and international competitors. The aerospace and defense industry is also affected by geopolitical tensions, trade policies, and regulatory changes that can impact market access and operational efficiency. Aerospace and defense companies typically rely on complex supply chains for specialized components and materials. Disruptions in these supply chains, whether due to shortages, price increases, or geopolitical factors, can significantly affect production and profitability. Additionally, technological advancements are critical for maintaining competitiveness in this sector, but the high cost and uncertain outcomes of research and development efforts may pose financial risks. Companies in this industry face heightened cybersecurity risks due to the sensitive nature of their technologies, and breaches can lead to operational disruptions, reputational damage, and regulatory scrutiny. Long-term fixed-cost contracts, which are common in this sector, may expose companies to financial losses if costs exceed estimates. Furthermore, environmental and safety regulations, as well as export controls, tariffs, and trade restrictions, impose significant compliance costs and may limit market opportunities. The aerospace and defense industry is inherently cyclical and influenced by global political and economic developments, which can contribute to earnings volatility and investment risks.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z6dZJAXhLTS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zbH7l9t54OYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the period from January 23, 2023 (the earliest date available) to June 30, 2026 was 146.62%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 220.97%. The Underlying Security’s annualized performance during this period was 17.25%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zUiFgO7mFdLb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zyqFDqIBABXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leverage Risk</b>. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zJCLX843joie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zbtLdVZdLj3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zXWJuxLCeqs9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zVOwLyRN6Hq3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zOPi0RJUcg0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zXiwQJ8ZTVKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zOlHPeDYtw2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zWoLQlVAtgq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z6dSUDns56n7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zfIVfpwYv2ee" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zYnBe9ah2xS1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zmCEbbgNB6t9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zxL688xMaRJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zXbJVuQujCbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z6QWxw8gH2gb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zhplGPmHVgq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zrsk0kkDhWZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zSNOec6osop8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zw0zR1ijaXr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zEhk5UlTNR12" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zbmPqbduf6t2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z7RyqBSUlJV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zLxCPVGQ7xk9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zW6gmHLMmavb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zqMfMtUgJssb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zDZhPUp0Tg6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000099445Member_zcstek9tInK">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000099445Member_ziukJkjO9nK">When such information is included, this section 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.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000099445Member_zJULHTBksy3b">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000099445Member_zfb1W4kFf8Nf">https://www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG ONDS ETF – FUND SUMMARY Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zwPIamXapwzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Ondas Holdings Inc. (Nasdaq: ONDS). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zlDe4z1BpTEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zVrER8sZi0M9"></div> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_za9DxBZBot8e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td> </td> <td> </td> <td id="xdx_493_20260825__20260825__oef--ClassAxis__custom--C000269222Member_znHDr8JVPqOi" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_983_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000099446Member_zHNDAAGCmBW1" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zzPygAIcL3H3">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zKWEZM3taE7g" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsaPlmnWiTzd" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td> </td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zKSqHViclEue" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4F_zVJDed3XJfT6">(2)</sup></span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.03</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zZRgG5JVceea" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F4C_zNvomszzSlWc">(3)</sup></span></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.32</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0A_zXF7fhRSljVd">(1)</sup></td><td id="xdx_F1C_zIa24mhSfHKh">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F03_zOv0M0Iqj7He">(2)</sup></td><td id="xdx_F10_zFp88kvCGGu9"><span id="xdx_90D_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000099446Member_z4gW8HdTZIRc">Based on estimated amounts for the current fiscal year.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F06_zwTsbTmv5RR7">(3)</sup></td><td id="xdx_F15_z1ToasDSfee6">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0003 0.0132 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zJ5YY8SNR8f8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or hold 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zcrG06UzvDX7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zYc04wUlMpx4" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_z6jLUki5Fyi5" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zr9G3u4ETJi6" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_41F_20260825__20260825__oef--ClassAxis__custom--C000269222Member_znPePfKe6J9i"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$134</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$418</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 134 418 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zpVIWTEFn0H1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of December 29, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_908_eoef--PortfolioTurnoverRate_pid_c20260825__20260825__dei--LegalEntityAxis__custom--S000099446Member_zUNsdIUqaBk">0</span>% of the average value of its portfolio. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zJTsPA2P9lt" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000099446Member_zaik3X1yKf23">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Ondas Holdings <span style="text-decoration: underline">Inc. (“ONDS”)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ondas Holdings Inc. is a provider of autonomous drone and private wireless solutions through its three business units: Ondas Autonomous Systems Inc. (“OAS”), Ondas Networks Inc. (“Ondas Network”), and Ondas Capital Inc. (“Ondas Capital”). OAS offers artificial intelligence (AI)-driven drone platforms for security and data capture, and Ondas Networks provides software-defined private wireless broadband technology focused on the needs of railroads, utilities, transportation and other infrastructure-related industries requiring connectivity for mission-critical “Internet of Things or “IoT” applications (e.g. smart devices powering industrial equipment). Ondas Capital pursues strategic investments, partnerships and capital formation initiatives to accelerate technology development and expand market access. ONDS is listed on the Nasdaq Capital Market (“Nasdaq”). Per ONDS’ most recent Form 10-K filing, the aggregate market value of ONDS common stock held by non-affiliates of the registrant as of June 30, 2025 was approximately $392 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ONDS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is subject to the informational requirements of the Exchange Act. Information provided to or filed with the SEC by ONDS pursuant to the Exchange Act can be located by reference to SEC file number 001-39761 through the SEC’s website at www.sec.gov. In addition, information regarding ONDS may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of ONDS or other securities of Ondas Holdings Inc. The Fund has derived all disclosures contained in this document regarding ONDS from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to ONDS. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding ONDS is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of ONDS (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning ONDS could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of ONDS.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH ONDAS HOLDINGS INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ONDAS HOLDINGS INC.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Ondas Holdings Inc. has not participated in the development of the Fund’s investment strategy. Ondas Holdings Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Ondas Holdings Inc. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Ondas Holdings Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by ONDS or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, ONDS is assigned to the Communications Equipment  industry.</p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OndsRisksMember_zL6j85ZFQ3L4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ONDS Risks.</b> The Fund invests in swap contracts and options that are based on the share price of ONDS. This subjects the Fund to certain of the same risks as if it owned shares of ONDS, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of ONDS, the Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInOndsRiskMember_z17ue5DyaIQ5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Indirect Investment in ONDS Risk. </i>ONDS is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of ONDS but will be exposed to the performance of ONDS (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from ONDS but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OndsTradingRiskMember_zkHzR9JoFkwd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>ONDS Trading Risk. </i>The trading price of ONDS may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence ONDS’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence ONDS’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for ONDS’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OndsPerformanceRiskMember_zyI4jtJr25x7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>ONDS Performance Risk. </i>ONDS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of ONDS to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance ONDS provides may not ultimately be accurate. If ONDS’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by ONDS could decline significantly.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OndsBusinessAndRegulatoryRisksMember_zx3ab6PW2j0e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>ONDS Business and Regulatory Risks</i>. ONDS faces significant risks due to a history of operating losses, volatile revenue, rapid cash burn, and uncertainty about achieving sustained profitability. The company is heavily reliant on raising additional capital, which could dilute existing shareholders, and its stock price is highly volatile and susceptible to market conditions and future stock sales. Operational challenges include competition, the risk of technological obsolescence, potential disruptions from geopolitical events, product failure liability, and cyberattacks. ONDS has historically relied on a small number of third-party contractors to support its production operations, creating risks for product quality and supply stability. It also faces lengthy customer sales cycles, raising the risk of customer cancellations, changes and delays in payments. The company’s drone and communications products are subject to evolving regulations in the U.S. from agencies like the Federal Aviation Administration and Federal Communications Commission, as well as foreign regulatory authorities, all of which could add costs, restrict use, or impact the company’s ability to expand its customer base. It must continuously adapt to rapid technological changes to prevent its products from becoming obsolete or less competitive, and global events such as wars or military actions have the potential to disrupt its markets and its customers’ operations, negatively impacting ONDS’ performance. ONDS also faces uncertainty regarding its ability to establish or protect its intellectual property (IP) associated with its products, posing the risks that others may infringe on its IP rights, or that it may infringe on others’ IP rights. ONDS is expected to incur substantial research and development costs and devote significant resources to identifying and commercializing new products and services, which could significantly reduce the company’s profitability and may never result in revenue. If ONDS is required to write down goodwill and other intangible assets, its financial condition and results could be negatively affected.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationsEquipmentIndustryRisksMember_z2Eswwx8CmH"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Communications Equipment Industry Risks.</i> The communications equipment industry can be significantly affected by failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditures, and rapid obsolescence. Communications services companies are subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new adverse regulatory requirements may adversely affect the business of such companies. These companies can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications (including with 5G and other technologies), product compatibility, consumer preferences, rapid product obsolescence, and research and development of new products. Technological innovations may make the products and services of such companies obsolete.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zxWejOIenRh4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zHYWNDEF22ld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 110.64%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 130.83%. The Underlying Security’s annualized performance during this period was 0.74%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zsnB1GuB05R" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zOOIkbG7g9bb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leverage Risk</b>. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zqN6DCG4i5mf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zDxLM9sDmFxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zKZIu6H72wae" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zgZ0NUMXfkK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zNlr0wHluqmb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zk2shB0s3y2g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zpahUsAAeK4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zZIdsgWZ8vzf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zyFrR8dxPYd8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zEdAdhZP33s6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_znw4fUGkwWra" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zcrIcDDrQ991" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zxUb1JIDV3w2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zlDIb0SAdCGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zhEyq5vTbZP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z0XaicU4PyA9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zNzMNuQAE39e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zwgENCq8b9q2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z249g3Swhd7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_znfJE0f3NtEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zH9qOFieuTc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zrn6XIoakbj5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z8Fx4jmfIMRe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zjvhejV1xde" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zoFdhvC5poYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zUgxMytOSrgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_902_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000099446Member_zJPwadwh0S5d">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000099446Member_zrghGT4ulTA3">When such information is included, this section 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.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000099446Member_z00ysxRin2q4">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000099446Member_zKLKxiDQDXS2">https://www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG PGY ETF – FUND SUMMARY Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zsDdkWibde2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Pagaya Technologies Ltd. (Nasdaq: PGY). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_z4w43Mp0pgga" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zO3ly5OmiHDi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zWARddz9YEg7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td id="xdx_98C_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000099447Member_z9yiDCql9lRa" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F68_zV19zQW7sZIi">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_497_20260825__20260825__oef--ClassAxis__custom--C000269223Member_zc38gfcblLe3" style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zk2gnBOoRMch" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZLPJb3JjjCg" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees  </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td> </td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dp_zHkV5uZfngV8" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F47_zgGbCk0DoN36">(2)</sup> </span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.02</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dp_z8WDPL29XGFi" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F46_z43NZtqLFLAj">(3)</sup> </span></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.31</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0C_zb8I96Zw7Yph">(1)</sup></td><td id="xdx_F14_ztrYUthjDGAd" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F01_zPT51VebRt7b">(2)</sup></td><td id="xdx_F12_zsuruFySpj1k" style="text-align: justify"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000099447Member_zdz4XGAexOw1">Based on estimated amounts for the current fiscal year.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F07_z8thrvN82pZ">(3)</sup></td><td id="xdx_F19_zr6kIGX8JOa3" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zIAOkWEwYHia" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or hold 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRiu9QxCSWze"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zgHO1hG72JZg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_z2BbG7SHncVa" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zbozU0LEXjal" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_41C_20260825__20260825__oef--ClassAxis__custom--C000269223Member_zlybpmxBpRM8"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$133</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$415 </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zS7r2KTYCJfi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. Because the Fund had not commenced operations as of the date of this Prospectus, portfolio turnover information is not yet available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_znRsHGP83oH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90F_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000099447Member_zP7g1LfyPKTf">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Pagaya Technologies Ltd. (“PGY”)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pagaya Technologies Ltd. is a financial technology (or “FinTech”) company that uses artificial intelligence (AI) and machine learning to analyze creditworthiness for lenders. Its proprietary network connects financial institutions and their customers with investors in a manner designed to facilitate greater access to financial products and services. Through its network, PGY’s partner financial institutions approve loans for consumers, while institutional investors fund the loans (without the partner financial institutions taking on balance sheet risk). PGY is listed on the Nasdaq Capital Market (“Nasdaq”). Per PGY’s most recent Form 10-K filing, the aggregate market value of the voting Class A Ordinary Shares held by non-affiliates of PGY as of June 30, 2025 was approximately $1.11 billion, based on the closing price reported for such date on Nasdaq.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PGY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and is subject to the informational requirements of the Exchange Act. Information provided to or filed with the SEC by PGY pursuant to the Exchange Act can be located by reference to SEC file number 001-41430 through the SEC’s website at www.sec.gov. In addition, information regarding PGY may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of PGY or other securities of Pagaya Technologies Ltd. The Fund has derived all disclosures contained in this document regarding PGY from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to PGY. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding PGY is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PGY (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning PGY could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of PGY.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH. THE FUND WAS NOT DEVELOPED OR CREATED BY PAGAYA TECHNOLOGIES LTD., AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, PAGAYA TECHNOLOGIES LTD.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Pagaya Technologies Ltd. has not participated in the development of the Fund’s investment strategy. Pagaya Technologies Ltd. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Pagaya Technologies Ltd. does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Pagaya Technologies Ltd.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by PGY or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, PGY is assigned to the Software  industry.</p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PgyRisksMember_zVwRqTKxtQJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PGY Risks.</b> The Fund invests in swap contracts and options that are based on the share price of PGY. This subjects the Fund to certain of the same risks as if it owned shares of PGY, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of PGY, the Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInPgyRiskMember_zF5qeomRntFf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Indirect Investment in PGY Risk. </i>PGY is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of PGY but will be exposed to the performance of PGY (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from PGY but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PgyTradingRiskMember_zlmc5lYaU8sk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>PGY Trading Risk. </i>The trading price of PGY may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence PGY’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence PGY’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for PGY’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PgyPerformanceRiskMember_zFKOG2UiDxT1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>PGY Performance Risk. </i>PGY may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of PGY to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance PGY provides may not ultimately be accurate. If PGY’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by PGY could decline significantly.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PgyBusinessRiskMember_zkTJ26KktJkf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>PGY Business Risk. </i>PGY’s business model relies on the health of the securitization markets and its access to funding could be limited during periods of market stress, such as when interest rates are high. As a FinTech company, PGY is exposed to the lending industry and therefore also sensitive to economic fluctuations, inflation, unemployment and other factors affecting consumer credit. PGY generates a large percentage of its revenue from a small number of partners, and the loss or reduction of business from certain key partners could have a material adverse effect on its profitability. PGY’s business model is contingent on the accuracy and performance of its AI and machine learning underwriting models, which if inaccurate or inoperable, could lead to higher default rates. PGY’s network partners operate principally in the financial services sector, which is subject to extensive and evolving government regulation which, if adverse to its partners, could negatively impact PGY’s business model and profitability.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_zUlUpMTNPry2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Software Industry Risk.</i> The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many software companies have limited operating histories. Prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FintechRiskMember_zCex9ZhZRjz1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>FinTech Risk. </i>Companies developing financial technologies or using technology-enabled innovation in the financial services industry (“FinTech Companies”) endeavor to create new business models, applications, processes or products with an associated effect on the provision of financial services. FinTech Companies may seek to disrupt or displace established financial institutions and may face competition from larger and more established companies. FinTech Companies may not be able to capitalize on their disruptive technologies when facing political and/or legal attacks from competitors, industry groups or local and national governments. Many Fintech Companies are not currently profitable, and there can be no assurance that these companies will be profitable in the future. Additionally, FinTech Companies may be adversely impacted by potential rapid product obsolescence, cybersecurity attacks and disruptions in the technology they depend on. Legal and regulatory changes, particularly related to information privacy and data protection, may impact the products or services of FinTech Companies. Laws and regulations typically vary by state and by country, which may create challenges for FinTech Companies to achieve scale. Increasing regulatory scrutiny and legal liability may limit the development and impede the growth of these companies. Similarly, the collection and storage of data from consumers and other sources may face increased scrutiny as regulators consider how data may be collected, stored, safeguarded and used.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesIndustryRiskMember_znFLgbEvpCgj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Financial Services Industry Risk. </i>Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial industry may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the industry. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zHiUDkvPXQi7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zlM4WyveD6L9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 123.31%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 158.93%. The Underlying Security’s annualized performance during this period was -30.91%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zEo1kHEz8oFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zG0wip9LRXm6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leverage Risk</b>. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zwSn0PAW1ej1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zKNaqNEV5P04" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_ziH0uIG0Ii19" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zzr4H1qnLYQa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zsO1SQ0UBRG6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zWFFB4VvYa1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zFu54w1d4S1j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zWwFIeprGOwd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zbFs7vtVkC72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zHbqEQpOMYch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zSXPDSBpF6ai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_ztZP3r1czRm6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zhafp1Am89Vl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zEGTDNlFKILk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zzEGjEaZDkHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zFBvB5jtzuy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zsg1saWscx2g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zRY07ksHovcg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zwIVY94Irq13" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zqXA1lBWBzwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>New Fund Risk. </b>The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zBR0Z9D6wGqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z78U4pWtZXL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zPYOMQwOmazh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_z0s3pWDH9D62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zGMOjUYc9UK5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zIncgsLa4dxe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_900_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000099447Member_zb6wVq80eHuh">Performance information for the Fund is not included because the Fund has yet commenced operations as of the date of this Prospectus.</span> <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000099447Member_zKNLZJ6tx9r3">When such information is included, this section 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.</span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000099447Member_zUSUir7nOoPe">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000099447Member_z0FX2Q2Ly2Ki">https://www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has yet commenced operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com DEFIANCE DAILY TARGET 2X LONG PL ETF – FUND SUMMARY Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zSxWvaapY1Le" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Planet Labs PBC (NYSE: PL). The Fund does not seek to achieve its stated investment objective for a period other than a single trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zXxvjBnqjmWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>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.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zdKWM3y0d8j4"></div> <div></div> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zWiqaYLXbv02" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td> </td> <td> </td> <td id="xdx_49D_20260825__20260825__oef--ClassAxis__custom--C000269224Member_zzSvTKjjB00f" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_989_eoef--OperatingExpensesCaption_c20260825__20260825__dei--LegalEntityAxis__custom--S000099448Member_zHZsW19Abg7f" style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zbiJQBhtcSxg">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zSZySZyGxPTh" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee  </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.29</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_z8oNC1fopfrk" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees  </span></td> <td> </td> <td> </td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zbc0x4Cxfvw2" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F4B_zuipGtvXuNl6">(2)</sup> </span></td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.13</span></td> <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zQS5KMGFeGFl" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses<sup id="xdx_F48_zWsr33YQdRb6">(3)</sup> </span></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.42</span></td> <td style="border-bottom: black 2.25pt double"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F02_zU3ZZfInxZe1">(1)</sup></td><td id="xdx_F1C_z6HW9CRptEwe" style="text-align: justify">The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0F_zANZB2Xqi4P2">(2)</sup></td><td id="xdx_F12_zhmRoIlpoxAe" style="text-align: justify"><span id="xdx_900_eoef--OtherExpensesNewFundBasedOnEstimates_c20260825__20260825__dei--LegalEntityAxis__custom--S000099448Member_zij5VClrWet9">Based on estimated amounts for the current fiscal year.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"><sup id="xdx_F0A_zjNF1Qy2cieb">(3)</sup></td><td id="xdx_F1F_zzOBTirsdLil" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0013 0.0142 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_z21UfyIe4xxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 or hold 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:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUF9l38oR2wi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zOBeG1AYLc1f" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zaQP8AwOpZZf" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_z37P4frLDByb" style="border-top: black 1pt solid; width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_410_20260825__20260825__oef--ClassAxis__custom--C000269224Member_zIeZJcSwQEsh"> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$145</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$449</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 145 449 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zlHVGSa4uhhj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 total annual fund operating expenses or in the Example, affect the Fund’s performance. For the period of January 6, 2026 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_905_eoef--PortfolioTurnoverRate_pid_c20260825__20260825__dei--LegalEntityAxis__custom--S000099448Member_ztpGZP98SNQa">0</span>% of the average value of its portfolio. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zFIIGDhm2p5i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange traded fund (“ETF”) that attempts to achieve two times (200%) the daily percentage change in the share price of the Underlying Security by employing derivatives, namely swap agreements and/or listed options contracts. The Fund aims to achieve this daily percentage change for a single day, and not for any other period. A “single day” means the period “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, or other factors, <b>the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Underlying Security and may return substantially less during such periods. During such periods, the Fund’s actual leverage levels may differ substantially from its intended target, both intraday and at the close of trading, potentially resulting in significantly lower returns.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year. Through each swap agreement, the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Security’s share price. The gross return (meaning the return before deducting any fees or expenses) to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” (meaning the face amount of the instrument) e.g., the return on or change in value of a particular dollar amount representing the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also utilize listed options to seek to achieve leveraged 2X exposure to the Underlying Security. The Fund will primarily employ short-dated (a month or less) in-the-money call options (options with strike prices below the current market price of the Underlying Security, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Underlying Security, like buying calls and selling puts with identical strike prices. These options allow the Fund to adjust its leverage strategy in response to market conditions, liquidity constraints, or other factors that may affect the availability or pricing of swap agreements. The use of listed options provides additional flexibility in pursuing the Fund’s daily investment objective. In situations where swap availability is constrained, the Fund may rely more heavily on options contracts. Additionally, the Fund may use options in response to changing market dynamics. However, the use of option contracts is typically less efficient than swaps and may increase the likelihood that the Fund is unable to achieve its daily 2X objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each day, the Fund’s swaps and options are valued using market valuations and the Fund’s investment adviser rebalances the Fund’s holdings in an attempt to maintain leveraged exposure for the Fund equal to approximately 200% of the Underlying Security’s share price. This daily rebalancing is expected to result in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For examples of a hypothetical investment in the Fund, see the section in the Fund’s Prospectus titled see “<i>Additional Information About the Fund – Principal Investment Strategies.</i>”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day is primarily (but not solely) a function of the following factors: a) the Underlying Security volatility; b) the Underlying Security’s performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will hold assets to serve as collateral for its derivatives positions. For those collateral holdings, the Fund may invest in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short term bond ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_903_eoef--StrategyPortfolioConcentration_c20260825__20260825__dei--LegalEntityAxis__custom--S000099448Member_zM01pD1951eg">The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares.</span> The Fund is expected to allocate between 40% and 60% of its assets as collateral for swap agreements or as premiums for purchased options contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is classified as “non-diversified” under the 1940 Act. The Fund’s investment strategy is expected to result in a high annual portfolio turnover rate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Security’s shares over the same period. The Fund will lose money if the Underlying Security’s performance is flat over time, and because of daily rebalancing, the Underlying Security’s shares’ volatility and the effects of compounding, the Fund may lose money over time while the Underlying Security’s performance increases over a period longer than a single day. As a consequence, investors should not plan to hold shares of the Fund unmonitored for periods longer than a single trading day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration: underline">Planet Labs PBC (“PL”)</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Planet Labs PBC designs and operates a large fleet of satellites to image the Earth’s entire landmass daily. It provides this data, along with analytics and software, to businesses and governments via a subscription-based platform to help them understand and make decisions based on global changes. PL is listed on the New York Stock Exchange (“NYSE”). Per PL’s most recent Form 10-K filing, as of July 31, 2025, the aggregate market value of the voting and non-voting stock held by non-affiliates of PL was approximately $1.56 billion based upon the closing price of PL’s Class A common stock on such date on the NYSE.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PL is organized as a Delaware public benefit corporation and registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and subject to the informational requirements of the Exchange Act. Information provided to or filed with the SEC by PL pursuant to the Exchange Act can be located by reference to SEC file number 001-40166 through the SEC’s website at www.sec.gov. In addition, information regarding PL may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This document relates only to the securities offered hereby and does not relate to the shares of PL or other securities of Planet Labs PBC. The Fund has derived all disclosures contained in this document regarding PL from the publicly available documents. None of the Fund, Tidal Trust II (the “Trust”), or the Adviser, or their respective affiliates has participated in the preparation of such publicly available offering documents or made any due diligence inquiry regarding such documents with respect to PL. None of the Fund, the Trust, or the Adviser, or their respective affiliates makes any representation that such publicly available documents or any other publicly available information regarding PL is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PL (and therefore the share price of the Fund at the time we price the securities) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning PL could affect the value received with respect to the securities and therefore the value of the securities.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of PL.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NONE OF THE FUND, TIDAL TRUST II, OR TIDAL INVESTMENTS LLC IS AFFILIATED, CONNECTED, OR ASSOCIATED WITH PLANET LABS PBC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, PLANET LABS PBC.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Planet Labs PBC has not participated in the development of the Fund’s investment strategy. Planet Labs PBC does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Planet Labs PBC does not provide any assurances, guarantees, or representations regarding the Fund or its performance. Nothing herein shall be construed as an offer of any security by Planet Labs PBC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by PL or its affiliates. All rights in the trademarks are reserved by their respective owners.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the same industry as that assigned to the Underlying Security. As of the date of the Prospectus, PL is assigned to the Professional Services  industry.</p> The Fund has adopted a policy to have at least 80% exposure to financial instruments with economic characteristics that should perform 2X the daily performance of the Underlying Security’s shares. The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PlRisksMember_zSFwbgefTyci" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PL Risks.</b> The Fund invests in swap contracts and options that are based on the share price of PL. This subjects the Fund to certain of the same risks as if it owned shares of PL, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of PL, the Fund may also be subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInPlRiskMember_zCxKvpOUVBz2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Indirect Investment in PL Risk. </i>PL is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights or influence over the management of PL but will be exposed to the performance of PL (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from PL but will remain subject to price fluctuations and other risks associated with ownership of the Underlying Security.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PlTradingRiskMember_zunzrdE9qx"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>PL Trading Risk. </i>The trading price of PL may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence PL’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence PL’s stock price disproportionately. Additionally, following periods of market volatility, companies have faced securities class action litigation. Any adverse judgment or future stockholder litigation could result in substantial costs and divert management’s attention and resources. In the event of a trading halt, delisting, or significant disruption in the market for PL’s shares, the Fund may experience difficulty entering, modifying, or liquidating its exposures. These conditions could impair the Fund’s ability to achieve its investment objective, result in significant tracking error, or, in extreme cases, force the Fund to liquidate entirely.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PlPerformanceRiskMember_z3hlHyY7z03e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>PL Performance Risk. </i>PL may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of PL to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance PL provides may not ultimately be accurate. If PL’s guidance is not accurate or varies from actual results due to its inability to meet the assumptions or the impact on its financial performance that could occur as a result of various risks and uncertainties, the market value of common stock issued by PL could decline significantly.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PlBusinessRiskMember_zqzJxbCRQgo"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>PL Business Risk. </i>PL has historically reported net losses, and it is uncertain when or if it will achieve or maintain profitability. The company has significant operating expenses and is pouring substantial cash into research and development, platform development, and expanding its satellite fleet. Its capital intensive business model, coupled with historical negative cash flows indicate a potential future need for additional debt or equity financing, which it may only be able to obtain under unfavorable terms, if at all, which could hamper its business strategy. PL’s history of shareholder dilution through additional share issuances and stock-based compensation, if it persists, could further reduce share ownership percentages of existing investors over time. A significant portion of PL’s revenue comes from large government contracts, including from defense and intelligence agencies, subjecting it to budgetary risks and shifts in government policy. PL operates in a highly competitive and emerging space sector, facing competition from traditional aerospace companies and new satellite operators, some of which are able to offer lower costs for similar services.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PublicBenefitCorporationRiskMember_zcr4ny3ZvMMj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Public Benefit Corporation Risk.</i> PL operates as a Delaware public benefit corporation. As a public benefit corporation, PL must balance its shareholders’ interests with its public benefit mission, which could lead to decisions potentially adverse to short- or medium-term financial results and to potential shareholder litigation. There is no assurance that PL will achieve its public benefit purposes or that the expected positive impact from being a public benefit corporation will be realized, which could have a material and adverse effect on PL’s reputation, which in turn may have a material and adverse effect on our business, result of operations and financial condition. As a public benefit corporation, PL may be less attractive as a takeover target than a traditional company and, therefore, shareholders’ ability to realize their investment through acquisition may be limited. There is no assurance that PL will be able to maintain its status as a Delaware public benefit corporation. PL’s multi-class shareholder structure concentrates voting power with its co-founders, potentially limiting the ability of other shareholders to influence corporate decisions or potential future merger or acquisition events.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SatelliteCompaniesRiskMember_zF4BO1iMdBRl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Satellite Companies Risk.</i> Companies that operate or utilize satellites are subject to manufacturing delays, launch delays or failures, and operational and environmental risks (such as signal interference or space debris) that could limit their ability to utilize the satellites needed to deliver services to customers. Some companies that operate or utilize satellites do not carry commercial launch or in orbit insurance for the full value of their satellites and could face significant impairment charges if the satellites experience full or partial failures. Rapid and significant technological changes in the satellite communications industry or in competing terrestrial industries may impair a company’s competitive position and require significant additional capital expenditures. There are also regulatory risks associated with the allocation of orbital positions and spectrum under the International Telecommunication Union (“ITU”) and the regulatory bodies in each of the countries in which companies provide service. In addition, the ground facilities used for controlling satellites or relaying data between Earth and the satellites may be subject to operational and environmental risks (such as natural disasters) or licensing and regulatory risks. If a company does not obtain or maintain regulatory authorizations for its satellites and associated ground facilities, it may not be able to operate its existing satellites or expand its operations.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialprofessionalServicesIndustryRiskMember_zrzDYQxZpBY2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify"><i>Commercial/Professional Services Industry Risk.</i> Companies that provide commercial or professional services can face risks associated with decline in the markets for their services which may be accelerated during global economic crises. These companies may face competition for talent and face risks associated with technology applications that rely upon new skills sets for deployment and operations, as well as workforce reductions or replenishment due to information technology applications that use artificial intelligence and machine learning software.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zZVpmCTOsvMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Single Issuer Risk. </b>Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole. Additionally, the Fund will seek to employ its investment strategy as it relates to the underlying issuer regardless of whether there are significant corporate actions such as restructurings, enforcement activity, or acquisitions or periods adverse market, economic, or other conditions and will not seek to take temporary defensive positions during such periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zAznEUE26RIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compounding and Market Volatility Risk.</b> The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from two times (200%) the Underlying Security’s performance, before the Fund’s management fee and other expenses. Compounding affects all investments but has a more significant impact on funds that aim to replicate leveraged daily returns and that rebalance daily. For the Fund aiming to replicate two times the daily performance of an Underlying Security, if adverse daily performance of the Underlying Security reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the Underlying Security increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The effect of compounding becomes more pronounced as the Underlying Security’s 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 Underlying Security during a shareholder’s holding period of an investment in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below provides examples of how the Underlying Security’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Underlying Security’s volatility and the Underlying Security’s performance. The Underlying Security’s performance shows the percentage change in the share price of the Underlying Security over the specified time period, while the Underlying Security’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Underlying Security’s performance over two equal time periods is identical, different Underlying Security volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Underlying Security) during the two time periods could result in drastically different Fund performance for the two time periods because of compounding daily returns during the time periods.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) the Underlying Security volatility; b) the Underlying Security performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The chart shows estimated Fund returns for a number of combinations of Underlying Security volatility and Underlying Security performance over a one-year period. Performance shown in the chart assumes that: (i) there were no Fund expenses; (ii) borrowing/lending rates (to obtain leveraged exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected the estimated returns would be different than those shown. Particularly during periods of higher Underlying Security volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As shown in the chart below, the Fund would be expected to lose 6.1% if there was no change in the share price of the Underlying Security over a one-year period during which the Underlying Security experienced annualized volatility of 25%. If the Underlying Security’s annualized volatility were to rise to 75%, the hypothetical loss for a one-year period would widen to approximately -43%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if there were no change in the share price of the Underlying Security. For instance, if the Underlying Security’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Underlying Security change in the share price of the Underlying Security for the year was 0%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than two times (200%) the performance of the Underlying Security and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than two times (200%) the performance of the Underlying Security. The Fund’s actual performance may be significantly better or worse than the performance shown below as a result of any of the factors discussed above or in the “Daily Correlation/Tracking Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td colspan="4" style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying Security Performance</b></span></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year Volatility Rate</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></span></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 22%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.1%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.6%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-20%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>0%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>80%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.8%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>60%</b></span></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>120%</b></span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.5%</span></td> <td style="vertical-align: top; background-color: #92D050; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">-5.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 79.90%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 98.93%. The Underlying Security’s annualized performance during this period was 27.65%. Historical Underlying Security volatility and performance are not indications of what Underlying Security volatility and performance will be in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationTrackingRiskMember_zkS2PiQyz8G1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Daily Correlation/Tracking Risk. </b>There is no guarantee that the Fund will achieve a high degree of leveraged correlation to the Underlying Security and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Underlying Security, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its daily leveraged investment objective. The possibility of the Fund being materially over- or under-exposed to the Underlying Security increases on days when the Underlying Security is volatile near the close of the trading day. Market disruptions, regulatory restrictions and extreme volatility will also adversely affect the Fund’s ability to adjust exposure to the required levels. If there is a significant intra-day market event and/or the Underlying Security experiences a significant increase or decline, the Fund may not meet its investment objective, be able to rebalance its portfolio appropriately, or may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may have difficulty achieving its daily leveraged investment objective due to fees, expenses, transaction costs, financing costs related to the use of derivatives, investments in ETFs, directly or indirectly, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or derivatives held by the Fund. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Underlying Security. The Fund may take or refrain from taking positions to improve the tax efficiency or to comply with various regulatory restrictions, either of which may negatively impact the Fund’s leveraged correlation to the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zfJCamAQfiWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Leverage Risk</b>. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Security will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the share price of the Underlying Security, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the share price of the Underlying Security declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Security’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zmbdFpPruhg2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk</b>. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the share price of the Underlying Security and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will be subject to regulatory constraints relating to level of value at risk that the Fund may incur through its derivative portfolio. To the extent the Fund exceeds these regulatory thresholds over an extended period, the Fund may determine that it is necessary to make adjustments to the Fund’s investment strategy, including the desired daily leveraged performance for the Fund.</p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z2zsB2uAiqif" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Swap Agreements</b>. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. If the Adviser is unable to enter into swap agreements that provide leveraged exposure to the Underlying Security, the Fund may not meet its stated investment objective. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">If the Underlying Security has a dramatic move that causes a material decline in the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve exposure consistent with the Fund’s investment objective. This may prevent the Fund from achieving its leveraged investment objective, even if the Underlying Security later reverses all or a portion of its movement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zpdCcqWKLuNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Options Contracts.</b> The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. The value of the options contracts in which the Fund invests are substantially influenced by the value of the Underlying Security. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying instrument. There may at times be an imperfect correlation between the movement in values options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, as the Fund intends to continuously maintain indirect exposure to the Underlying Security through the use of options contracts, as the options contracts it holds are exercised or expire it will enter into new options contracts, a practice referred to as “rolling.” If the expiring options contracts do not generate proceeds enough to cover the cost of entering into new options contracts, the Fund may experience losses. The use of options to generate leverage introduces additional risks, including significant potential losses if the market moves unfavorably. The leverage inherent in options can amplify both gains and losses, leading to increased volatility and potential for substantial losses, particularly in periods of market uncertainty or low liquidity. Additionally, the Fund may incur losses if the value of the Underlying Security moves against its positions, potentially resulting in a complete loss of the premium paid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zGDMF3rYsxxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Counterparty Risk.</b> The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (<i>i.e.</i>, financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Counterparties may seek to hedge their exposure to individual clients (such as the Fund) by establishing offsetting exposures with other clients, however, there is no guarantee that counterparties will do so under all circumstances. Should a counterparty (e.g., a swap counterparty) terminate its relationship with the Fund, the Fund will seek to utilize other counterparties to seek to maintain its exposures. In addition, the Fund may use options contracts to seek to generate the leverage necessary to implement its strategy. The use of options contracts introduces distinct risks, including heightened volatility, particularly intraday. While options may provide an ancillary benefit of mitigating some losses under specific scenarios, such as severe market downturns, their inherent leverage and rapid price fluctuations can amplify the Fund’s performance volatility and lead to greater risks of substantial losses. Refer to “Derivatives Risk – Options Contracts” for additional information on the risks of investing in options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund may enter into swap agreements with a limited number of counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zNKfcKKdpgFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intra-Day Investment Risk.</b> The Fund seeks investment results from the close of the market on a given trading day until the close of the market on the subsequent trading day. The exact exposure of an investment in the Fund intraday in the secondary market is a function of the difference between the share price of the Underlying Security at the market close on the first trading day and the share price of the Underlying Security at the time of purchase. If the share price of the Underlying Security rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the share price of the Underlying Security declines, the Fund’s net assets will decline by approximately two times the amount as the Fund’s exposure. Thus, an investor that purchases Shares intra-day may experience performance that is greater than, or less than, the Fund’s stated leveraged performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities of the Underlying Security experience a significant increase or decrease, the Fund may not meet its investment objective or rebalance its portfolio appropriately.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zBUIvm4D5uB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fixed Income Securities Risk</b>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s Share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zHXiXNaDg7bl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Rebalancing Risk</b>. If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Security that is significantly greater or less than its stated investment objective. As a result, the Fund may be exposed to leverage risk because it had not been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zvBNdHDdNNrk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>ETF Risks</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z6Ku8KT7lEIi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.</i> The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zhtKzVBKLrzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Cash Redemption Risk.</i> The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. The costs associated with cash redemptions may include brokerage costs that the Fund may not have incurred if it had made the redemptions in-kind. These costs could be imposed on the Fund, decreasing its NAV, to the extent these costs are not offset by a transaction fee payable by an authorized participant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zoq41FppQuac" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Costs of Buying or Selling Shares.</i> Buying or selling Shares involves certain costs, including brokerage commissions, other charges imposed by brokers, and bid-ask spreads. The bid-ask spread represents the difference between the price at which an investor is willing to buy Shares and the price at which an investor is willing to sell Shares. The spread varies over time based on the Shares’ trading volume and market liquidity. The spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Due to the costs of buying or selling Shares, frequent trading of Shares may reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zGDfZzLRPZlh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Shares May Trade at Prices Other Than NAV.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zvznwh2XFMfk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Trading. </i>Although Shares are listed on a national securities exchange, such as Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. This adverse effect on liquidity for the Fund’s shares may lead to wider bid-ask spreads and differences between the market price of the Fund’s shares and the underlying value of the shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zIP3FFXUQGM6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Liquidity Risk</i>. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. Markets for the financial instruments in which the Fund invests may be disrupted by a number of events, including but not limited to economic crises, health crises, natural disasters, excessive volatility, new legislation, or regulatory changes inside or outside of the U.S. These situations may have an impact on the liquidity of the Fund’s own shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zhItWhDyq5Ke" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Economic and Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zcSt8Tsp2mR8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>High Portfolio Turnover Risk</b>. Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active market trading of the Fund’s Shares on exchanges (such as the Exchange), could cause more frequent creation and redemption activities, which could increase the number of portfolio transactions. Frequent and active trading may lead to higher transaction costs because of increased broker commissions resulting from such transactions. In addition, there is the possibility of significantly increased short-term capital gains (which will be taxable to shareholders as ordinary income when distributed to them). The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise the majority of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z0XVNqPd9Lma" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk</b>. Tracking error is the divergence of the Fund’s performance from that of its investment objective which aims to replicate two times the daily percentage change in the price of the Underlying Security. Tracking error may occur for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, being under- or overexposed to the Underlying Security or the need to meet new or existing regulatory requirements. Tracking error risk may be heightened during times of market volatility or other unusual market conditions such as market disruptions. The Fund may be required to deviate from its investment objectives, and therefore experience tracking error, as a result of market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Adviser and its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zO86bGVyCaZ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk. </b>Some securities held by the Fund may be difficult to sell or be illiquid, particularly during times of market turmoil. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying Security. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zjiVd9OfTrD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Money Market Instrument Risk.</b> The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zLH6czqC7YOa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Newer Fund Risk. </b>The Fund is a recently organized management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decisions. There can be no assurance that the Fund will maintain an economically viable size.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zZwYkjtmtut" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Diversification Risk.</b> Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zmWZN8O5MPL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Security’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the Exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Security’s shares is expected, in turn, to result in a halt in the trading in the Fund’s Shares. Trading in the Underlying Security’s and/or Fund’s Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in the Underlying Security’s and/or Fund’s Shares inadvisable. In addition, trading in Underlying Security’s and/or Fund’s Shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules.” In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zhTRd61gcrIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational Risk</b>. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and the Fund’s investment advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAndUSAgencyObligationsRiskMember_zNmiuPG542A7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Government and U.S. Agency Obligations Risk</b>. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zKNqv1cRhHWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk</b>. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of swap contracts and options on shares of a single issuer does not exceed 25% of the Fund’s value at the close of any quarter. If the value of swap contracts and options on shares of a single issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zJRfTdMYTlq4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--PerformanceOneYearOrLess_c20260825__20260825__dei--LegalEntityAxis__custom--S000099448Member_zkdlQrg2yi2k">Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus.</span> <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260825__20260825__dei--LegalEntityAxis__custom--S000099448Member_zIYYjORprshd">When such information is included, this section 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.</span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260825__20260825__dei--LegalEntityAxis__custom--S000099448Member_zG9jjc28goP9">Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.</span> Updated performance information is available on the Fund’s website at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20260825__20260825__dei--LegalEntityAxis__custom--S000099448Member_zCtZIFeW7Rg">https://www.defianceetfs.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section 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. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. https://www.defianceetfs.com The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s adviser will pay, or require a sub-adviser to pay, all of the Fund’s expenses, except for the following: advisory and sub-advisory fees, interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The Fund’s investment adviser, Tidal Investments LLC (the “Adviser”), a Tidal Financial Group company, will pay, or require a sub-adviser to pay, all expenses incurred by the Fund (except for advisory fees and sub-advisory fees, as the case may be) excluding interest charges on any borrowings made for investment purposes, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses and other non-routine or extraordinary expenses. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example.