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2026-08-28 DEFIANCE DAILY TARGET 2X SHORT RGTI ETF - FUND SUMMARY Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zBr4WRzygh32" 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 Rigetti Computing, Inc. (Nasdaq: RGTI) 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_A82_eoef--ExpenseNarrativeTextBlock_zD7KLmNHG8P1" 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 id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zh3wNglpXtf8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_A50_zEpQJiM6HqIg" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000093246Member_zjs5sjOt9O11" style="border-top: black 1pt solid; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F6B_zGkkBaShjvM">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000261408Member_zvlhTbwOcWAb" style="border-top: black 1pt solid; text-align: justify"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zpDaB3UIwvqk" style="vertical-align: bottom"> <td style="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_dpn_zSqIId5MaKK4" style="vertical-align: bottom"> <td style="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_40D_eoef--OtherExpensesOverAssets_dpn_zUZp90U8enVd" style="vertical-align: bottom"> <td style="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">0.54%</span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zEPrVbLvBJ38" style="vertical-align: bottom"> <td style="text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses</b><sup id="xdx_F49_zFSZU0Avfp25">(2)</sup></span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">1.83%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: justify"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"> </td> <td style="width: 30px"><span style="font-size: 10pt"><sup id="xdx_F0E_zrw8HxbIg5sf">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F16_zfwPbnNVxnmg" style="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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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"> </td> <td style="width: 30px"><span style="font-size: 10pt"><sup id="xdx_F0D_zBl7VOXh4fm9">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F15_zIogZ7dA2Lak" 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> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0.0000 0.0054 0.0183 Expense Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zyr4NtjinVcc" 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> <table cellpadding="0" cellspacing="0" id="xdx_A5B_zCNra5U1fAIc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zEwcDNtl4MJ2" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z3o0polg6U73" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zMaAw1GetCMf" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear10_z3FYfuY0DIfl" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000261408Member_zScOpZxkJxRl" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt">$186</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$576</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$990</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$2,148</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 186 576 990 2148 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zmynp8nlVlF3" 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 from October 8, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20260828__20260828__dei--LegalEntityAxis__custom--S000093246Member_zTbbeWYlUzw5">0</span>%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zGmUmJJXh3T5" 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. 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000093246Member_z06dAwmJvrdh">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">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the industry assigned to the Underlying Security. As of the date of the Prospectus, RGTI is assigned to the semiconductor &amp; semiconductor equipment industry.</p> <p style="font: 10pt Times New Roman, 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">RGTI</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 Rigetti Computing, Inc. (Nasdaq: RGTI).</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">RGTI designs and develops integrated quantum computing systems and software to solve complex problems across industries such as finance, healthcare, and artificial intelligence. The company leverages its proprietary quantum processors and cloud-based platform to deliver quantum computing as a service (QCaaS) for commercial and research applications. RGTI is listed on the Nasdaq Capital Market (“Nasdaq”). Per RGTI’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common stock held by non-affiliates of RGTI (based on the closing price of its common stock on June 30, 2025 on the Nasdaq Capital Market) was approximately $3.82 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; color: #333333">RGTI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by RGTI pursuant to the Exchange Act can be located by reference to SEC file number 001-40140 through the SEC’s website at www.sec.gov. In addition, information regarding RGTI 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; color: #333333"> </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 RGTI or other securities of Rigetti Computing, Inc. The Fund has derived all disclosures contained in this document regarding RGTI 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 RGTI. 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 RGTI 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 RGTI (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 RGTI 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; color: #333333"></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"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of RGTI.</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; color: #333333"><b>NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY.</b></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--RgtiPriceAppreciationRiskMember_zJ2JsYl5po5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>RGTI 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 RGTI 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInRgtiRiskMember_z8DSosyxSnSc"></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: 30px"> </td> <td style="width: 30px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Indirect Investment in </i>RGTI <i>Risk.</i> Rigetti Computing, 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 Rigetti Computing, 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> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RgtiGoodPerformanceRiskMember_zpXJQZRg7oj3"></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: 30px"> </td> <td style="width: 30px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>RGTI Good Performance Risk</i>. RGTI 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. RGTI regularly provides guidance concerning its anticipated financial and business performance, including sales and production projections, future revenues, gross margins, profitability, and cash flows. However, forecasting future events and identifying key factors affecting business conditions inherently involves uncertainty. RGTI’s guidance may ultimately prove accurate or may prove underestimated, as it relies on assumptions such as global and local economic conditions, anticipated production and sales volumes, average sales prices, supplier and commodity costs, and planned cost reductions. If RGTI’s guidance is accurate or varies positively from actual results, RGTI’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionAndAnalystCoverageRiskMember_zEntfhJdYd55"></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: 30px"> </td> <td style="width: 30px"><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 RGTI’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 RGTI’s stock price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksFromIndustryGrowthAndRgtisBusinessSuccessMember_z9mNBFSqJ9V1"></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: 30px"> </td> <td style="text-indent: 0in; width: 30px">●<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">         </span><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Risks from Industry Growth and RGTI’s Business Success. </i>RGTI operates in the emerging quantum computing industry, which has the potential for significant technological advancements and commercialization. If the company successfully develops its technology, secures major contracts, or benefits from broader industry adoption, its stock price may rise, leading to substantial losses for the Fund. Breakthroughs in quantum hardware and software, error correction, or algorithmic efficiency could enhance RGTI’s competitive position and drive investor confidence, potentially increasing its stock price. Additionally, strategic partnerships with cloud providers, enterprises, or government agencies could strengthen RGTI’s market presence and revenue growth, further contributing to stock appreciation. Government and institutional support, including funding, subsidies, or strategic backing, may accelerate the company’s development and drive increased investor optimism. Furthermore, speculative interest, media coverage, and overall market sentiment surrounding quantum computing advancements could lead to sharp increases in RGTI’s stock price, even if immediate revenue impacts remain uncertain. If RGTI benefits from these factors, its stock price may rise significantly, negatively affecting the Fund due to its inverse (-2X) exposure.</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_zTrRwD2btAvb" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z2oQ8b6snGac" 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 Inverse 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 Inverse 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 Inverse 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: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"><b>One year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td><span style="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="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: 30%"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 11%; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 11%; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 11%; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 11%; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 11%; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="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">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30March 31, 2026 was 126.27%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 175.63%. The Underlying Security’s annualized performance during this period was 14.74%. 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zcJMgRHcpFik" 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_zsaF05HdfFYh" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zdXx4XhmgmV2" 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_z2s2ng7OkCna" 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 22.3pt; 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zxfA4JayFRyg" 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_zZtsUuESh1a4" 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_z7PYDdjYhXH2" 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">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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zChOmcNh79if" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zjHUW6fUQtV" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zKUjU18ctUCc" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zLgcRVlGrOck" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zVbZjNSJhcuf" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zUDfHbH1MVP9" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z5tdv6O9F9df" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zk5JANo9lp64" 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 The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares 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; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_z0HYLgxKLNEk" 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; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z2rlJu8aCZ42" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z21Hf7R18vR2" 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_zjQcwv2hcn1d" 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_zxFbcCg6Mnob" 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 style="font: 10pt Times New Roman, 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--MoneyMarketInstrumentRiskMember_zvHkHtQSQjcj" 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_zqn1yXsKHGjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zMwlfbDghyWb" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_znPyD19yzl1h" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_znr6lgSq7H81" 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_zgdSANkORKm2" 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_zLbn8Ynacyvg" 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_A8D_eoef--PerformanceNarrativeTextBlock_zvazS5TO99s6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000093246Member_zZ0oSJhwB4Y9">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000093246Member_zKpYygow9w02">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000093246Member_zQvhhMFtWjPc">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000093246Member_z20yc2ByDzt8">www.defianceetfs.com</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 QBTS ETF - FUND SUMMARY Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_ztEQdq4Sgcod" 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 D-Wave Quantum Inc. (NYSE: QBTS) 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_A82_eoef--ExpenseNarrativeTextBlock_zPSVY6q55Fef" 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 </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Example below.</b></p> <p id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zh7ds5q4A3W1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" id="xdx_A57_zRkRNZhjwzl" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000093245Member_zuG1O95sMmek" style="border-top: black 1pt solid; text-align: justify"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<sup id="xdx_F69_zaaIu75sUY0i">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000261407Member_zvG3u6st9qV9" style="border-top: black 1pt solid; text-align: justify"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z5pPfAnSyl9f" style="vertical-align: bottom"> <td style="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_dpn_zwQs7mRfV7Lf" style="vertical-align: bottom"> <td style="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_40D_eoef--OtherExpensesOverAssets_dpn_zjyHaPOSsC1i" style="vertical-align: bottom"> <td style="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">1.02%</span></td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zQixMtmXW9sf" style="vertical-align: bottom"> <td style="text-align: justify"><span style="font-size: 10pt"><b>Total Annual Fund Operating Expenses<sup id="xdx_F42_zHIvyfh6GNa8">(2)</sup></b> </span></td> <td style="border-bottom: black 2.25pt double; text-align: center"><span style="font-size: 10pt">2.31%</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: justify"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 30px"><span style="font-size: 10pt"><sup id="xdx_F05_zY0vuuucEGFb">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F12_ztACkahYFMJ1" style="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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 30px"><span style="font-size: 10pt"><sup id="xdx_F06_zLzB9B6ZRqGb">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F17_z5vw7VJ6xjZ6" 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 0.0102 0.0231 Expense Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zD7QGmmSxqL2" 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_zi9fYpsnJXUg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_zZBDhuXHQxWf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_z7J9wKHyCZGa" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zZGKDwzlZsHh" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear05_z1eOIAK8jeEh" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear10_zIrXa6NQUbel" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000261407Member_zj1gwDHAmtS3" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; text-align: center"><span style="font-size: 10pt">$234</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$721</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$1,235</span></td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">$2,646</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 234 721 1235 2646 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_z63Dsnb0NRQi" 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 from October 6, 2025 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20260828__20260828__dei--LegalEntityAxis__custom--S000093245Member_zvw5fC35VkI3">0</span>%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zjnDHwx4Ovu" 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. 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">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"> </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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000093245Member_z4KvoNgmoeYc">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">Due to the Fund’s investment strategy, the Fund’s investment exposure is concentrated in the industry assigned to the Underlying Security. As of the date of the Prospectus, QBTS is assigned to the semiconductor &amp; software industry.</p> <p style="font: 10pt Times New Roman, 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">QBTS</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 D-Wave Quantum Inc. (NYSE: QBTS).</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">D-Wave Quantum Inc. develops and delivers quantum computing systems, software, and services worldwide. QBTS is listed on the New York Stock Exchange (“NYSE”). Per QBTS’s most recent Form 10-K filing, the aggregate market value of common stock of QBTS held by non-affiliates as of June 30, 2025 was approximately $4.93 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; color: #333333">QBTS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by QBTS pursuant to the Exchange Act can be located by reference to the SEC file number 001-41468 through the SEC’s website at www.sec.gov. In addition, information regarding QBTS 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; color: #333333"> </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 QBTS or other securities of D-Wave Quantum Inc. The Fund has derived all disclosures contained in this document regarding QBTS 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 QBTS. 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 QBTS 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 QBTS (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 QBTS 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; color: #333333"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of QBTS.</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; color: #333333"><b>NONE OF THE FUND, TIDAL TRUST II, AND TIDAL INVESTMENTS LLC ARE AFFILIATED WITH THE UNDERLYING SECURITY.</b></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--QbtsPriceAppreciationRiskMember_zYm1UgFD9kZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>QBTS 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 QBTS 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInQbtsRiskMember_z8hPv6LWeQ9"></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: 30px"> </td> <td style="width: 30px"><span style="font-size: 10pt">●</span></td> <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Indirect Investment in QBTS Risk.</i> D-Wave Quantum 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 D-Wave Quantum 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--QbtsGoodPerformanceRiskMember_zRCPsjF2N9vc"></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: 30px"> </td> <td style="width: 30px"><span style="font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>QBTS Good Performance Risk</i>. QBTS 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. QBTS regularly provides guidance concerning its anticipated financial and business performance, including sales and production projections, future revenues, gross margins, profitability, and cash flows. However, forecasting future events and identifying key factors affecting business conditions inherently involves uncertainty. QBTS’s guidance may ultimately prove accurate or may prove underestimated, as it relies on assumptions such as global and local economic conditions, anticipated production and sales volumes, average sales prices, supplier and commodity costs, and planned cost reductions. If QBTS’s guidance is accurate or varies positively from actual results, QBTS’s share price could increase significantly and, as a result, the Fund may suffer significant losses.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryRecognitionAndAnalystCoverageRiskMember_zjfAunaHbXg5"></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: 30px"> </td> <td style="width: 30px"><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 QBTS’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 QBTS’s stock price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksFromIndustryGrowthAndQbtssBusinessSuccessMember_zMZ0LT6LrxYb"></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: 30px"> </td> <td style="text-indent: 0in; width: 30px">●<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">         </span><span style="font-size: 10pt"> </span></td> <td style="text-align: justify"><span style="font-size: 10pt"><i>Risks from Industry Growth and QBTS’s Business Success. </i>QBTS operates in the emerging quantum computing industry, which has the potential for significant technological advancements and commercialization. If the company successfully develops its technology, secures major contracts, or benefits from broader industry adoption, its stock price may rise, leading to substantial losses for the Fund. Breakthroughs in quantum hardware and software, error correction, or algorithmic efficiency could enhance QBTS’s competitive position and drive investor confidence, potentially increasing its stock price. Additionally, strategic partnerships with cloud providers, enterprises, or government agencies could strengthen QBTS’s market presence and revenue growth, further contributing to stock appreciation. Government and institutional support, including funding, subsidies, or strategic backing, may accelerate the company’s development and drive increased investor optimism. Furthermore, speculative interest, media coverage, and overall market sentiment surrounding quantum computing advancements could lead to sharp increases in QBTS’s stock price, even if immediate revenue impacts remain uncertain. If QBTS benefits from these factors, its stock price may rise significantly, negatively affecting the Fund due to its inverse (-2X) exposure.</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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z9FK3I6890F8" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zac4pnueidCj" 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 Inverse 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 Inverse 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 Inverse 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: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td><span style="font-size: 10pt"><b>One year</b><br/> <b>performance</b><br/> <b>of the stock</b></span></td> <td><span style="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="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: 30%"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 15%"><span style="font-size: 10pt">Return</span></td> <td style="white-space: nowrap; width: 11%; text-align: right"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap; width: 11%; text-align: right"><span style="font-size: 10pt">25%</span></td> <td style="white-space: nowrap; width: 11%; text-align: center"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap; width: 11%; text-align: center"><span style="font-size: 10pt">75%</span></td> <td style="white-space: nowrap; width: 11%; text-align: center"><span style="font-size: 10pt">100%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">120%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">506.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">418.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">195.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-6.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-68.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-50%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">100%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">288.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">231.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">88.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-26.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-80.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">80%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">166.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">130.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">31.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-45.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-86.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-30%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">98.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">69.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-3.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-62.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-89.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">51.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">29.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-26.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-71.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-92.20%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">-10%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">2.30%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-41.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-77.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-93.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">0%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-3.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-17.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-52.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-95.00%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">10%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-20%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-19.80%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-31.50%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-61.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-84.70%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-95.90%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">20%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-40%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-32.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-42.40%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-67.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-87.20%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-96.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">30%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-60%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-42.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-50.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-72.00%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-89.10%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-97.10%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">40%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-80%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-50.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-57.70%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-75.90%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-90.60%</span></td> <td style="white-space: nowrap; background-color: #C00000; text-align: right"><span style="font-size: 10pt">-97.50%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">50%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-100%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-56.90%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-63.20%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-79.00%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-91.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-97.80%</span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"><span style="font-size: 10pt">60%</span></td> <td style="white-space: nowrap"><span style="font-size: 10pt">-120%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-62.10%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-67.60%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-81.50%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="font-size: 10pt">-92.80%</span></td> <td style="white-space: nowrap; background-color: #92D050; text-align: right"><span style="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">The Underlying Security’s annualized historical volatility rate for the five-year period ended June 30, 2026 was 125.79%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 163.04% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 28.68%. 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_z0Hr0hZyTp8l" 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_zWQM5jwZF5ia" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z2vKErqfGaMc" 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_z3yy6g222SV8" 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 22.3pt; 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zuDlF1t4LIEi" 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_zmXDHXcTsUN9" 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 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 id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z1mhiP8me7qj" 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">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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zQRPIIyQ0f7d" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zDZcVLKOYtfg" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zHplm4pO5Dsg" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zSRJOXx4osn3" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zlJp9rd4gxH7" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zC3rfiUdO2R5" 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 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zeehYY5XKMHl" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z3iLHnbTvSjb" 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 The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares 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_zIlcOIFDE4Nk" 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; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_znnv5kdWaSql" 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"><b> </b></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zamV2BKhPRRc" 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_zaXfe1398OV" 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_zdPClCfI5sNl" 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 style="font: 10pt Times New Roman, 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--MoneyMarketInstrumentRiskMember_zQsAvmRKk4yl" 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_zlI9HDTOdzf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z2QBRQJxXtCa" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z5y5mYwlBasa" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zTj1oFLvpi1h" 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_z5VxaeMHk2J3" 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_zXoORJ7C1uDj" 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> <p style="font: 10pt Times New Roman, 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> Performance <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zO0ZJR1KswFk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000093245Member_zi4RPU4HWZVe">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000093245Member_z2qdxQAD7hYl">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000093245Member_zo2TyYaGSk06">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000093245Member_znPpSZrgASIl">www.defianceetfs.com</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> 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 2X SPACE ETF – FUND SUMMARY Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zKCLyATKark" style="font: 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, that correspond to two times (2X) the performance of an actively-managed portfolio of one or more space securities (described below) for a single day (the portfolio of equity securities is referred to as the “Target 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> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zvBh6WzCe5z4" style="font: 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_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zwtfH2dgCXk5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zl1Bow10k6L" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000102403Member_zryTD5oEFNFf" 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_F67_zx9HtLfuMR4h">(1)</sup>  (expenses that you pay each year as a percentage of the value of your investment)</b></span></td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000272888Member_zqxryr2dxEP4" style="border-bottom: black 1pt solid; width: 4%"><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_40B_eoef--ManagementFeesOverAssets_dpn_zQUQUNp83wIl" style="vertical-align: bottom"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</span></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_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBfyQ0CSjvfk" 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 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_zJs4tCW94zAl" 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_zUgSaHLcDkB">(2) </sup>(includes interest expense)</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_40D_eoef--ExpensesOverAssets_dpn_zQscfo63QtZ6" 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_F43_zQMXraJ6Ygca">(3)</sup></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">1.29</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%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F01_zX8R4hzHOrk8">(1)</sup></span></td> <td style="text-align: justify"><span id="xdx_F16_zHIfN6CCpYtd" 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 all expenses incurred by the Fund (except for advisory fees) 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> <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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zKFuW5aUy9gg">(2)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1B_zzGY0MBuk2Wk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000102403Member_zhvALFSUbjAb">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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zH3zLHeB6xcl">(3)</sup></span></td> <td style="text-align: justify"><span id="xdx_F1B_zf8gGoNrLsv9" 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"><b></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"><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 0.0000 0.0129 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zU7oUGwqo38d" style="font: 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_zPsB9W2LD0c8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zY1MlCZntvml" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_zrF9R6rOCw97" style="border-top: black 1pt solid; width: 40%; 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_zAhtHWdxmque" style="border-top: black 1pt solid; width: 40%; 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_412_20260828__20260828__oef--ClassAxis__custom--C000272888Member_zI1LAG8MPf63" 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">$131</span></td> <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$409</span></td></tr> </table> 131 409 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zUrTLIIsxFf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the period April 7, 2026 (commencement of operations) through April 30 , 2026, the Fund’s portfolio turnover was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20260828__20260828__dei--LegalEntityAxis__custom--S000102403Member_zCyFxZlA8K4i">0</span>%.</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_A85_eoef--StrategyNarrativeTextBlock_zzWUZYkvnxKf" style="font: 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 leveraged investment results, before fees and expenses, that correspond to two times (2X) the performance of an actively managed portfolio of space company securities (described below), which at times may consist of only a single security (the “Target Portfolio”) by employing derivatives, namely swap agreements and/or listed options contracts. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. The terms “daily,” “day,” and “trading day,” refer to the period from the close of the markets on one trading day to the close of the markets on the next trading day, generally 4:00 p.m. Eastern Time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 defines “Space Companies” as companies with at least 50% of their annual revenue derived from the development, deployment, operation, or support or application of space-related technologies and services, as described below. These companies participate in the “space economy,” which refers to economic activity related to the exploration, development, deployment, space logistics, and utilization of space-based systems and infrastructure. This includes commercial activities such as satellite communications, Earth observation, navigation services, launch services, in-orbit operations, and emerging space technologies that support scientific research, data processing, global connectivity, and next-generation applications.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Space Companies may include companies engaged in:</span></p> <p style="font: 10pt Times 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%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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">The design, manufacture, launch, and operation of spacecraft, launch vehicles, and space systems;</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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">The development and operation of satellite communications, navigation, broadband, or space-based data infrastructure;</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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">In-orbit services, space logistics, or space-enabled platforms;</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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">The production of enabling components, systems, or materials essential to space operations;</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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">The development of space-based data, analytics, or related applications derived from satellite or orbital systems; or.</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">The enablement, support or application of any of the above space-related technologies, services or activities.</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: 10pt Times New Roman, Times, Serif">The Fund seeks to obtain leveraged 2X exposure to the Target Portfolio primarily through swap agreements and/or listed options strategies. The Fund may also invest directly in the equity securities of the companies included in the Target 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 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 the Fund encounters limitations in implementing its strategies, whether due to market conditions, derivative availability, counterparty issues, regulatory constraints, or other factors, the Fund may not achieve investment results, before fees and expenses, that correspond to two times (2X) the daily performance of the Target Portfolio, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>Target Portfolio Selection</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 Adviser employs a thematic and qualitative approach to identify and select a focused portfolio of generally between 1 and 5 Space Companies aligned with the Fund’s space investment theme and engaged in the space-related technologies and activities described above.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Where the Adviser determines that a single company represents a dominant or transformative exposure within the “Space Companies” universe, it may designate a Target Portfolio consisting of a single equity security as most consistent with the Fund’s investment objective. The Target Portfolio is not subject to any minimum number of holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 companies in the Target Portfolio may include large-, mid-, and small-capitalization companies and may be domestic or foreign issuers, including American Depositary Receipts (“ADRs”) of foreign companies listed on U.S. or non-U.S. exchanges.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser evaluates companies using a combination of thematic criteria, including:</span></p> <p style="font: 10pt Times 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%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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>Core Space Activities:</b> Companies for which space-related operations represent a primary operational focus, demonstrated through stated objectives, revenue exposure, product development efforts, or industry participation.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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 Leadership:</b> Emphasis on companies recognized for innovation, technological capabilities, operational scale, or participation in significant commercial or governmental space initiatives.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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 Potential:</b> Priority is given to companies achieving material advancements, expanding capabilities, or demonstrating momentum within the space ecosystem, reflecting their potential for increasing economic impact.</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: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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>Space Ecosystem Support:</b> Companies significantly involved in developing, enabling, supporting, or applying space technologies.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on a proprietary evaluation framework, the Adviser selects a Target Portfolio generally consisting of 1 to 5 companies. The number of Target Portfolio constituents depends on the availability of eligible “Space Companies,” and the Fund’s ability to source the required leverage for each security. Each trading day, the Target Portfolio will generally be reallocated so that each underlying security is approximately equally weighted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">To manage overall portfolio risk, the Adviser may adjust individual weightings to mitigate exposure to companies exhibiting extreme volatility, high correlations, liquidity constraints, or other characteristics that could disproportionately affect performance. Additionally, if regulatory or structural constraints arise from the Target Portfolio’s composition that affect Fund’s derivatives portfolio from achieving 2X returns, the Adviser may adjust the Target Portfolio to enhance the Fund’s ability 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To maintain alignment with advancements in space technologies, shifts in company focus, and emerging opportunities, the Adviser will, at least quarterly, either reconfirm the construction of the Target Portfolio or establish a new Target Portfolio by replacing some or all of its underlying securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Adviser may, at its discretion, reconstitute or otherwise adjust the Target Portfolio at any time, including between scheduled rebalancing periods and on an expedited basis, in response to developments it deems material (each, a “Material Space Event”). Material Space Events include, without limitation: (i) the initial public offering or direct listing of a company determined to be a significant participant in the space economy; (ii) a corporate combination, merger, acquisition, spin-off, or restructuring involving one or more existing or prospective Target Portfolio companies; (iii) a delisting, bankruptcy, or material adverse regulatory action affecting a Target Portfolio company; (iv) a material shift in a company’s business focus away from space-related activities; or (v) a technological breakthrough, operational milestone, material contract award, or other development that fundamentally alters the competitive landscape of the space 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"><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">In connection with any such reconstitution or adjustment, the Adviser may modify the number of Target Portfolio constituents, including reducing the portfolio to a single security or including more than 5 company securities. The Adviser will not provide advance notice to shareholders prior to any such changes. The Fund’s then-current Target Portfolio will be published on the Fund’s website at www.defianceetfs.com on each trading day. <b>During a reconstitution of the Target Portfolio, including in connection with a Material Space Event, the Fund’s leveraged exposure and resulting performance may temporarily deviate from its target of 200%, both above and below such level. Although the Fund will use commercially reasonable efforts to maintain approximately 200% leveraged exposure by the close of each trading day, during a reconstitution period, generally not expected to exceed five (5) trading days, the Fund’s leverage may range from approximately 150% to 220% of its net assets, and its daily performance may not correspond to two times (200%) the daily performance of the Target Portfolio. The Adviser will seek to restore the Fund’s leverage to approximately 200% as soon as reasonably practicable following completion of the reconstitution.</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’s Target Portfolio is published daily on its website at www.defianceetfs.com/spcl.</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"><b>Derivatives Portfolio Selection</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 will 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 a particular 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 in the Target Portfolio. If the Fund is unable to obtain the necessary exposure through swaps or other derivatives, or encounters other constraints (e.g., market or regulatory), <b>the Fund may not always achieve investment results, before fees and expenses, that correspond to two times (2x) the daily performance of Fund’s Target Portfolio, and may return substantially less during such periods.</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">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 leveraged exposure of approximately 200% to the aggregate performance of the Fund’s Target 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 style="font: 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 prospectus section entitled “<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 volatility of the Target Portfolio; b) the performance of the Target Portfolio; 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 may also utilize listed options to seek to achieve leveraged 2X exposure to the Target Portfolio securities. 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 one or more Target Portfolio securities, offering immediate intrinsic value). Additionally, the Fund may use other option strategies to produce similar exposure to the Target Portfolio securities, 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. See the provision in the Prospectus entitled “Additional Information About the Fund,” for more information about the Fund’s use of options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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>Collateral</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 will hold assets to serve as collateral for the Fund’s derivatives transactions. 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"><b>Fund Attributes</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 is classified as “non-diversified” under the 1940 Act. <span id="xdx_904_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000102403Member_z47OfO1WEQg2">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 Space Company securities.</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">The Fund may invest in equity securities of large-, mid-, small-, and micro-capitalization companies and may invest in U.S. and non-U.S. issuers, including through American Depositary Receipts (“ADRs”). The Fund may also invest in securities of privately held companies, including late-stage private companies contemplating or preparing for an initial public offering (“IPO”), or in special purpose acquisition companies (“SPACs”). Fund investments may also include companies that have recently completed an IPO or that have become publicly traded through business combinations involving SPACs (“de-SPAC transactions”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 up to 15% of its net assets in illiquid securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 concentrate (i.e., invest 25% or more of its total assets) its investment exposure to companies in the space industry and in industries that develop, deploy, or operate space-related technologies and services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 have a high portfolio turnover rate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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 Target Portfolio over the same period. The Fund will lose money if the Target Portfolio’s performance is flat over time, and because of daily rebalancing, the volatility of the Target Portfolio and the effects of compounding, the Fund may lose money over time while the Target Portfolio’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> 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 Space Company securities. 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--CompoundingAndMarketVolatilityRiskMember_z4OHszYNAE7c" style="font: 10pt 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 Target Portfolio’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 the Target Portfolio, if adverse daily performance of the Target Portfolio 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 Target Portfolio 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 Target Portfolio’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 Target Portfolio 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 Target Portfolio’s volatility could affect the Fund’s performance. The chart illustrates the impact of two factors that affect the Fund’s performance – the Target Portfolio’s volatility and the Target Portfolio’s performance. The Target Portfolio’s performance shows the percentage change in the share price of the Target Portfolio over the specified time period, while the Target Portfolio’s volatility is a statistical measure of the magnitude of fluctuations in the returns during that time period. As illustrated below, even if the Target Portfolio’s performance over two equal time periods is identical, different Target Portfolio volatility (<i>i.e.</i>, in magnitude of fluctuations in the share price of the Target Portfolio) 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 Target Portfolio volatility; b) the Target Portfolio 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 Target Portfolio volatility and Target Portfolio 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 Target Portfolio volatility, compounding will cause results for periods longer than a trading day to vary from two times (200%) the performance of the Target Portfolio.</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: 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></p> <p style="font: 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 Target Portfolio over a one-year period during which the Target Portfolio experienced annualized volatility of 25%. If the Target Portfolio’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 Target Portfolio. For instance, if the Target Portfolio’s annualized volatility is 100%, the Fund would be expected to lose 63.2% of its value, even if the cumulative Target Portfolio change in the share price of the Target Portfolio 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 Target Portfolio 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 Target Portfolio. 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"><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 Target Portfolio</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 style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td colspan="2"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Target Portfolio 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>Target Portfolio </b><br/> <b>Performance</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: 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></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="border-right: White 1pt solid; 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"><span style="font-family: Times New Roman, Times, 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">Since market volatility has negative implications for the Fund which rebalances its derivatives daily, investors should be sure to monitor and manage their investments in the Fund particularly in volatile markets. The negative implications of volatility in Table 1 can be combined with the recent volatility ranges of the then-current Target Portfolio’s historical volatility, which are expected to be high. Historical volatility and performance for the underlying securities are not likely indicative of future volatility and 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 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SpaceInvestingRisksMember_ztphrACVBNg2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Space Investing Risks. </b>The Fund invests indirectly in companies that derive a substantial portion of their revenues or operating activities from space-related technologies and services and, as a result, is subject to risks associated with companies engaged in the space industry and the broader space economy, which may cause the Fund’s investments to be more volatile than those of more diversified funds. Companies involved in the design, manufacture, or launch of spacecraft, launch vehicles, or related systems face significant risks associated with launch failures, deployment malfunctions, mission delays, and cost overruns; space launches are inherently complex and costly, and failures may result in the total loss of spacecraft or payloads, substantial financial losses, reputational harm, increased regulatory scrutiny, and adverse impacts on a company’s financial condition and stock price. Space-related businesses often rely on advanced, emerging, or unproven technologies and may be adversely affected by rapid technological change, engineering challenges, design flaws, the inability to achieve expected performance, or competitors’ development of superior or lower-cost technologies. The space industry is subject to extensive domestic and international regulation (including licensing requirements, export controls, national security restrictions, environmental regulation, and orbital debris mitigation standards), and changes in laws, regulations, or regulatory interpretations may increase compliance costs, delay operations, restrict market access, or limit the deployment or operation of space-based systems. Many space-focused companies depend on governmental or quasi-governmental customers and contracts, and reductions in government budgets, policy changes, contract terminations, delays, or failures to renew contracts could materially and adversely affect revenues and financial performance. Space-based operations are exposed to risks arising from orbital debris, collisions, congestion in Earth’s orbits, and space weather (including solar activity), any of which may damage satellites or spacecraft and result in service disruptions, data loss, reduced operational lifespans, or complete mission failure. The space economy is evolving, and many companies may have limited operating histories, depend on a narrow set of products or services, or rely on a small number of customers or missions for a substantial portion of revenues; delays in commercialization or failure to achieve anticipated adoption of space-based services may adversely affect profitability and valuations. The space industry is highly competitive and characterized by rapid innovation; increased competition may lead to pricing pressure, reduced market share, or higher research and development costs. Many space-focused companies rely on governmental or quasi-governmental customers and contracts, and adverse changes in government policy or budgets could materially affect revenues. The Fund may have exposure to foreign issuers (including through ADRs or securities listed on non-U.S. exchanges), which can involve political instability, geopolitical tensions, trade restrictions, sanctions, differing regulatory regimes, and currency fluctuations that may disrupt supply chains, restrict access to launch facilities or markets, or impair cross-border collaboration. Because the Fund focuses on space-related activities, it is more susceptible to adverse developments affecting the space industry, including technological setbacks, regulatory actions, or declines in investor sentiment toward space-related 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zbK0c9Gmq043" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industry Concentration Risk. </b>The Fund will concentrate (i.e., invest 25% or more of its total assets) its investment exposure to companies in the space industry and in industries that develop, deploy, or operate space-related technologies and services. The concentration of the Fund’s portfolio on these specific industry groups may present more risks than if the portfolio were broadly diversified over numerous groups of 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 id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IpoSpacAndDespacRisksMember_zHjf24w97JM9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IPO, SPAC and De-SPAC Risks. </b>The Fund may invest indirectly, via derivative instruments, in securities of companies that have recently completed initial public offerings (“IPOs”), special purpose acquisition companies (“SPACs”), or companies that have become publicly traded through business combinations involving SPACs (“de-SPAC transactions”). These securities may be less seasoned, lack a meaningful trading history, have limited public information and research coverage, and involve risks similar to those of venture capital or other private equity investments. As a result, their prices may be volatile, subject to speculative trading, and susceptible to rapid and substantial declines in value. These securities may have experienced significant price appreciation in connection with an IPO, SPAC transaction or de-SPAC transaction prior to the Fund’s investment, but there can be no assurance that such price performance will continue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">SPACs are shell or blank check companies that raise capital in an IPO for the purpose of identifying and completing a business combination with a private operating company. Until a business combination is completed, a SPAC typically invests its assets in U.S. government securities, money market instruments and cash and generally does not conduct substantive business operations, which may result in little or no income. The value of SPAC securities is dependent on the SPAC’s ability to identify and consummate a successful business combination, and there is no guarantee that a SPAC will complete a business combination or that any transaction completed will be successful or yield positive returns. The market’s perception of a SPAC’s prospects, including the likelihood and terms of a business combination, can materially affect the market value of the SPAC’s securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">Investments in SPACs and securities resulting from de-SPAC transactions involve risks in addition to those associated with traditional IPOs and other equity securities. Conflicts of interest may arise among a SPAC’s sponsors, affiliates, officers, directors, or promoters and unaffiliated security holders, including in connection with decisions whether to proceed with a business combination or the amount and timing of redemptions. A SPAC’s sponsor or related parties may have economic incentives that differ from those of public stockholders. The interests of early investors and sponsors may be reflected in the SPAC’s valuation or structure in ways that do not align with the interests of the Fund or the Fund’s shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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">SPAC securities may trade at prices that deviate from their net asset value, may have limited liquidity, and may be subject to significant price fluctuations, including in connection with the release of lock-up restrictions or other transfer restrictions on sponsor or early investor holdings. Dilution of equity interests may occur as a result of redemption activity, sponsor or promoter compensation arrangements, underwriting fees, warrants, convertible securities or financing transactions associated with de-SPAC transactions. Recent regulatory developments require enhanced disclosures regarding SPAC sponsors, conflicts of interest and potential dilution in SPAC IPOs and de-SPAC transactions, and increased investor protections designed to align regulatory treatment more closely with that of traditional IPOs, but these measures may not eliminate the inherent risks of these securities.</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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_z8WQNP0i9plb" style="font: 10pt 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 Target Portfolio and therefore achieve its daily leveraged investment objective. To achieve a high degree of leveraged correlation with the Target Portfolio, 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 Target Portfolio increases on days when the Target Portfolio is volatile near the close of the trading day. Additionally, if securities within the Target Portfolio exhibit unexpected or heightened correlations, the Fund’s ability to achieve its daily investment objective may be adversely impacted as overlapping exposures may reduce potential diversification benefits and amplify the effects of market movements. 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 Target Portfolio 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 also be impacted by large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to the Target Portfolio. 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 Target Portfolio. Finally, during periods of high volatility, compounding effects and correlation shifts between securities in the Target Portfolio may cause the Fund’s returns to deviate materially from two times (2X) the daily performance of the Target 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--CorporateCombinationAndMultisegmentRiskMember_zowtka5EOtB7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate Combination and Multi-Segment Risk. </b>The Fund may invest in companies that have undergone mergers, acquisitions, or corporate combinations resulting in a diversified corporate structure with both space-related and non-space business lines. The performance of such company’s stock may be influenced by factors unrelated to the space economy. A company initially classified as a Space Company could, following such a corporate combination, derive a significant portion of its revenue from non-space activities.</span></p> <p style="font: 10pt Times New 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--LeverageRiskMember_zXWWWx0mE3U1" style="font: 10pt 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 Target Portfolio 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 Target Portfolio, 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 Target Portfolio declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Target Portfolio’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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zmqbKC2zmN52" style="font: 10pt 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 Target Portfolio 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zvuyAQb4ssIc" 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"><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 Target Portfolio, 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 0.25in; 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-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 0.25in; 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-family: Times New Roman, Times, Serif; font-size: 10pt">If the Target Portfolio 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 Target Portfolio later reverses all or a portion of its movement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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--OptionsContractsMember_zT6GaQNTHN2g" 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"><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 Target Portfolio. 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. 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 Target Portfolio 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 0.25in; 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--CounterpartyRiskMember_zv5ODeL5KDxf" style="font: 10pt 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">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; text-align: justify"><span style="font-family: Times New Roman, Times, 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: 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: 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></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RecentIpoAndDerivativesCapacityConstraintsRiskMember_zHigN097nZEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent IPO and Derivatives Capacity Constraints Risk.</b> The Fund’s ability to achieve its daily leveraged investment objective depends, in part, on the availability of swaps, options, and other financial instruments that provide exposure to the Target Portfolio. For a recently public company, these instruments may be limited, illiquid, costly, or unavailable, particularly shortly after an IPO or during periods of significant volatility or market demand. Exchange position limits, margin requirements, counterparty risk limits, limited public float, limited trading history, or other market, regulatory, or operational constraints may also restrict the Fund’s ability to obtain or maintain its desired leveraged exposure. As a result, the Fund may be unable to achieve exposure equal to 200% of the daily performance of the Target Portfolio, may be unable to rebalance effectively, or may be required to hold more cash or use less efficient instruments. These constraints may increase tracking error, cause the Fund to return substantially less than two times the daily performance of the Target Portfolio, or prevent the Fund from achieving its investment objective. These risks may be particularly pronounced during the period immediately following an IPO or other Material Space Event involving a security represented in the Target Portfolio, when trading volumes, liquidity conditions, derivatives availability, counterparty capacity, price discovery, and market volatility may be highly uncertain.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, 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></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z29ubxs89Zy5" style="font: 10pt 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 market value of the Target Portfolio at the market close on the first trading day and the market value of the Target Portfolio at the time of purchase. If the market value of the Target Portfolio rises, the Fund’s net assets will rise by approximately twice the amount as the Fund’s exposure. Conversely, if the market value of the Target Portfolio 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 Target 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 style="font: 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 Target Portfolio 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_z67UL4NYWSec" style="font: 10pt 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zvhdRQzRjkU6" style="font: 10pt 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 Target Portfolio 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-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally, when the Fund reconstitutes its Target Portfolio in response to a Material Space Event, the Fund faces risks associated with simultaneously unwinding existing positions and establishing new positions in one or more securities with limited trading history, constrained derivative availability, and elevated volatility. The Fund may not achieve its full 200% leveraged exposure target during the reconstitution. Swap counterparties may impose higher financing spreads, limit available notional capacity, or decline to provide exposure on commercially reasonable terms. The use of multiple derivative instruments and direct equity holdings during the transition may result in higher transaction costs, wider bid-ask spreads, and greater tracking error.</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: 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></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z0oINNxhKXSh" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zJqlJvjw8rW7" 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_zbS3OzA6JbXb" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zqPf9maf6LQ7" 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> Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly 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_zgWCwaLkWh79" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zWFEAhDk104i" 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 style="background-color: white">Cboe BZX Exchange, 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_z1zepqZnVYM7" 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 Fund’s 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--FocusedPortfolioRiskMember_z18UGDUzvII7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Focused Portfolio Risk. </b>The Fund may hold a limited number of issuers and, at times, the Target Portfolio may consist of a single security. As a result, the Fund’s performance may be disproportionately affected by the performance of one or a small number of investments. In periods when the Target Portfolio consists of a single issuer, the Fund’s performance will be entirely dependent on the price movements of that security, magnified by the Fund’s 2x leverage. Accordingly, a significant decline in the price of that security could result in a substantial loss of the Fund’s net asset value; for example, a 50% decline in a single trading day would result in a total loss of the Fund’s net asset value. In such circumstances, the Fund is functionally equivalent to a single-stock leveraged ETF and is subject to the risks associated with such products.</span></p> <p style="font: 10pt Times New 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--EconomicAndMarketRiskMember_z7gSS3BROUve" style="font: 10pt 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 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></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zvAvjWGgvtS4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk. </b>Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. Investments in foreign companies’ securities, including investments via depositary receipts, are subject to special risks, including the following:</span></p> <p style="font: 10pt Times 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--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_zzqwvCMEZJr4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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>Depositary Receipt Risk.</i> Depositary receipts involve risks similar to those associated with investments in foreign securities and give rise to certain additional risks. Depositary receipts listed on U.S. or foreign exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (Underlying Shares). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.</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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zvt7HBEbaZt7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"><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_zeUlNSm6Jp88" style="font: 10pt 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 Target Portfolio. 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 Target Portfolio 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--IlliquidSecurityRisksMember_zQ2rR6Nvildk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Illiquid Security Risks. </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 Target Portfolio. 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: 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: 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></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRisksMember_zrYeWH2NkSlj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Capitalization 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> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingMember_zoKxHFtm1Ez8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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>Large-Capitalization Investing</i>. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingMember_zXQMx3NiICy3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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>Mid-Capitalization Investing.</i> The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingMember_znrh5etBXEp9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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>Small-Capitalization Investing.</i> The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicrocapitalizationInvestingMember_zWzzMHzys41c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in"><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>Micro-Capitalization Investing.</i> Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund’s portfolio.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelsAndDataRiskMember_zrREJ0GcV2s2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Models and Data Risk. </b>The composition of the Fund’s portfolio is heavily dependent on investment models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Fund’s portfolio that would have been excluded or included had the Models and Data been correct and complete. Errors in programming, data entry, system compatibility, or database integrity can result in the unintended inclusion or exclusion of securities in the Fund’s portfolio. Such errors, whether due to human or technological factors, could induce the Adviser to make investment choices that would not have been made with accurate and complete information, potentially leading to losses or missed gains 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_ziqdnMZ2Trk" style="font: 10pt 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_zBWtArSo3Hfi" style="font: 10pt 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. 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zgjSis4M7Ewk" style="font: 10pt 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zyAfTbJ3qWLf" style="font: 10pt 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zNaKWpeNpYw2" style="font: 10pt 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: 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: 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></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zaaCWg04p3X4" style="font: 10pt 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. 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_A8B_eoef--PerformanceNarrativeTextBlock_zC2cDjApLFTi" style="font: 10pt 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000102403Member_zcc17xi2bK0l">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000102403Member_zBWVWZzBrdV6">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000102403Member_zTvhHNPiIGP2">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000102403Member_zJVLQ8zxMTJ2">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 2026-08-28 DEFIANCE DAILY TARGET 2X LONG CLF ETF – FUND SUMMARY Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zrLqe3TyH11j" 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 Cleveland-Cliffs Inc. (NYSE: CLF). 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_A82_eoef--ExpenseNarrativeTextBlock_zWKEFFnMUWh5" 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_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_ztkhwjzwlZQ"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zHSywXygalH8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="width: 93%"> </td> <td style="width: 2%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270927Member_zzACL9XQMDd2" style="width: 5%"> </td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zigsVNft8vo3" style="vertical-align: top"> <td id="xdx_988_eoef--OperatingExpensesCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000101001Member_zMUFFjZTLjz1" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zXlGpZ7dACk2">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zJ4XznF8fera" style="vertical-align: top"> <td>Management Fee</td> <td> </td> <td style="text-align: right">1.29%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfBB0g2Gs205" style="vertical-align: top"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zH7B845CZIrd" style="vertical-align: top"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F44_zOt93LekzQu8">(2)</sup> (includes interest expense)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.02%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zONYrlsGKq8k" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F44_zPFc1BpYEqj9">(3)</sup></td> <td> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31%</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F0F_zkjOyQh9FZg6">(1)</sup></td><td id="xdx_F1A_zPK1bZcy1ei8" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F04_zSxxAhTGJZ2j">(2)</sup></td><td id="xdx_F14_zR1qeh5Xu9ud" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000101001Member_zqk4txt3JAzc">Based on estimated amounts for the current fiscal year.</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F01_zseHKelPRAgk">(3)</sup></td><td id="xdx_F1A_z4EtdQeQdoEg" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zm5Vbl7eP4Sl" 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_z5GjGYzJkhE1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zivqGR7rL9Lc" 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_zgsvHal4e1s8" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zfYnhEE1uuFd" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270927Member_z1sBaBfxQQG"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zDHROsRVJ3je" 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 has not yet commenced operations, 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_A88_eoef--StrategyNarrativeTextBlock_zPMo81F5ssPe" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000101001Member_zlPKCBwtHyLd">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">Cleveland-Cliffs Inc. (“CLF”)</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">Cleveland-Cliffs Inc. is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automative industry. CLF is listed on the New York Stock Exchange (“NYSE”). Per CLF’s most recent 10-K filing, as of June 30, 2025, the aggregate market value of the voting and non-voting common shares held by non-affiliates, based on the closing price of $7.60 per share as reported on the New York Stock Exchange — Composite Index, was $3,695,647,401.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CLF is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by CLF pursuant to the Exchange Act can be located by reference to SEC file number 1-8944 through the SEC’s website at www.sec.gov. In addition, information regarding CLF 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 CLF or other securities of CLF. The Fund has derived all disclosures contained in this document regarding CLF 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 CLF. 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 CLF 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 CLF (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 CLF 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 CLF.</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 CLF. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, CLF.</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, CLF has not participated in the development of the Fund’s investment strategy. CLF does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. CLF 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 CLF.</p> <p style="font: 10pt Times New Roman, 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 CLF 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, CLF is assigned to the metals and mining 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClfRisksMember_zOlseY88i3Sc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>CLF Risks.</b> The Fund invests in swap contracts and options that are based on the share price of CLF. This subjects the Fund to certain of the same risks as if it owned shares of CLF, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of CLF, 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></div> <div></div> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInClfRiskMember_znxhjFk21EMk"></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 CLF Risk. </i>CLF 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 CLF but will be exposed to the performance of CLF (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from CLF 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClfTradingRiskMember_zqnnHrQW30ca"></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>CLF Trading Risk. </i>The trading price of CLF may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence CLF’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence CLF’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 CLF’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--ClfPerformanceRiskMember_zj0jx1M6gSD9"></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>CLF Performance Risk. </i>CLF may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of CLF to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance CLF provides may not ultimately be accurate. If CLF’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 CLF could decline significantly.</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> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityPriceRiskMember_z8pRXL7KEvm7"></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>Commodity Price Risk.</i> The volatility of commodity prices, including steel, scrap metal and iron ore, directly and indirectly affects CLF’s ability to generate revenue, maintain stable cash flows and fund its operations. CLF’s profitability is dependent upon the historically volatile market prices of steel, scrap metal and iron ore. The prices of steel, scrap metal and iron ore have fluctuated significantly in the recent past, and these pricing shifts are unpredictable and affected by factors beyond the company’s control, including: international demand for, and the impact of higher rates of inflation on, raw materials used in steel production; availability of scrap metal substitutes such as pig iron; commodity price speculation; rates of global economic growth, especially light vehicle production and construction and infrastructure activity that requires significant amounts of steel; changes in the levels of economic activity in the U.S., Canada, China, India, Europe and other industrialized or developing economies, including as a result of geopolitical conflicts or otherwise; changes in China’s emissions policies and environmental compliance enforcement practices; changes in the production capacity, production rate and inventory levels of other steel producers, distributors, iron ore suppliers and scrap metal processors and traders; changes in trade laws and volumes of unfairly traded imports; imposition or termination of duties or tariffs, including tariffs and retaliatory tariffs that have recently been and may in the future be instituted in response to geopolitical developments or otherwise, which among other things may affect cross-border shipments, import and export controls, and other trade barriers impacting the steel and iron ore markets; climate change and other weather-related disruptions, infectious disease outbreaks or natural disasters that may impact the global supply of steel, scrap metal or iron ore; and the proximity, capacity and cost of infrastructure and transportation.</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--GlobalSteelmakingOvercapacityRiskMember_z4J6is5UrD6g"></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>Global Steelmaking Overcapacity Risk</i>. Significant existing global steel capacity and new or expanded production capacity in recent years could potentially cause capacity to exceed demand globally. Although certain North American steel producers have shut down production capacity, certain of CLF’s competitors have announced and are moving ahead with plans to develop new steelmaking capacity in the near term. In addition, certain foreign competitors, which may have cost advantages due to being owned, controlled or subsidized by foreign governments, have substantially increased their steelmaking capacity and/or production in the last few years and may target the U.S. and Canadian markets for imports. The risk of even greater levels of imports may continue, depending upon changes in duties or tariffs, foreign market and economic conditions, changes in trade agreements and treaties, laws, regulations or government policies affecting trade, the ability of foreign producers to circumvent North American trade sanctions and policy , the value of the U.S. dollar relative to other currencies and other variables beyond CLF’s control. In addition, higher sustained market prices of steel and iron ore products could cause new producers to enter the market or existing producers to further expand productive capacity, which could in turn lead to lower steel prices and increasing prices of steelmaking inputs, such as scrap metal. Excess global steel and iron ore supply combined with reduced global steel demand and increased imports could also lead to lower steel and iron ore prices. Downward pressure on steel and/or iron ore prices could have an adverse effect on CLF’s results of operations, financial condition and profitability.</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--AutomotiveIndustryRiskMember_zD5JVTk5Wihd"></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>Automotive Industry Risk</i>. The largest end user for CLF’s steel products is the automotive industry in North America. Beyond these direct sales to the automotive industry, CLF makes additional sales to distributors and converters, which may ultimately resell some of that volume to the automotive market. In addition to the magnitude of its exposure to the automotive industry, CLF faces risks arising from its relative concentration of sales to certain specific automotive manufacturers, and its sales volumes and revenues may be adversely affected if it is unable to renew and/or renegotiate its fixed price contracts with one or more significant automotive customers or if those customers choose to move certain portions of their parts business to alternate suppliers. Automotive production and sales are cyclical and sensitive to general economic conditions and other factors, including interest rates, consumer credit, spending and preferences, and supply chain disruptions. If automotive production and sales decline, whether due to consumers facing reduced purchasing power caused by inflation, higher interest rates or otherwise, CLF’s sales and shipments to the automotive market are likely to decline in a corresponding manner. Adverse impacts that CLF may sustain as a result include, without limitation, lower margins because of the need to sell its steel to less profitable customers and markets, higher fixed costs from lower steel production if CLF is unable to sell the same amount of steel to other customers and markets, higher fixed costs from lower steel production if it is unable to sell the same amount of steel to other customers and markets, and lower sales, shipments, pricing and margins generally as its competitors face similar challenges and compete vigorously in other markets that it serves. These adverse impacts could negatively affect CLF’s revenues, financial results and cash flows.</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--MetalsAndMiningIndustryRiskMember_zGJSZDm4DzF4"></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>Metals and Mining Industry Risk. </i>Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of companies. Risks of metals and mining investments include: changes in international monetary policies or economic and political conditions that can affect the supply of natural resources and consequently the value of metals and mining company investments; the United States or foreign governments may pass laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.</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> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zkVo7hzRg3Y7"></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 Risk</i>. CLF must obtain, maintain and comply with numerous permits and licenses that require approval of operational plans and impose strict conditions on various environmental, health and safety matters in connection with its steel production and processing and mining and other operations. These include permits and approvals issued by various agencies and regulatory bodies, with which CLF may not always be able to comply. Heightened levels of regulatory oversight focused on addressing climate change and industrial activities that generate air emissions and/or water discharges, such its steelmaking, cokemaking and mining operations, could impact, delay, or disrupt its ability to obtain new or renewed permits or modifications to existing permits. New laws or regulations, or changes in existing laws or regulations, or the manner of their interpretation or enforcement, could increase the cost of doing business and restrict a company’s ability to operate its businesses or execute its strategies. CLF’s operations currently use, and have in the past used, hazardous materials and substances, and have generated, and expect to continue to generate, solid and hazardous waste. CLF has been, and may in the future be, subject to claims under laws and regulations for toxic torts, natural resource damages and other damages as well as for the investigation and clean-up of soil, surface water, sediments, groundwater and other natural resources and reclamation of properties. Such claims for damages, as well as investigation, remediation and reclamation requirements, have arisen and may arise in the future out of current, future or former conditions at sites that CLF or its acquired companies own, lease or operate, as well as sites that CLF or its acquired companies formerly owned, leased or operated, and at contaminated sites that are or have been owned, leased or operated by CLF’s joint venture partners. CLF may also have liability for contamination at third-party sites where it has sent hazardous wastes. CLF’s liability for these claims may be strict and/or joint and several, such that it may be held responsible for more than its share of the contamination or other damages, or even for entire claims regardless of fault.</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--IndebtednessRiskMember_zietNr43loS4"></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>Indebtedness Risk</i>. CLF has a substantial amount of indebtedness and other obligations. These substantial indebtedness and other obligations may make it difficult for CLF to satisfy its financial obligations, including making scheduled principal and interest payments on its indebtedness and obligations, and also limit CLF’s ability to use its cash flow for working capital, capital expenditures, acquisitions or other general business purposes, which could negatively impact the company’s financial condition.</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--OperatingExpensesRiskMember_zf4ebRExZg55"></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>Operating Expenses Risk</i>. CLF’s operations require significant use of energy, water and raw materials. Although it is largely self-sufficient in iron ore and partially self-sufficient in coke, metallurgical coal and scrap metal, CLF is wholly or partially dependent on third-party suppliers for certain critical raw materials and production inputs, including industrial gases, graphite electrodes, chrome, zinc, coke, metallurgical coal, scrap metal, fluxing compounds and other alloys. Prices for electricity, natural gas, diesel fuel, oils and raw materials can fluctuate widely with availability and demand levels from other users, including fluctuations caused by the impact of inflationary pressures, supply chain constraints, infectious disease outbreaks and geopolitical conflicts. A disruption in the transmission of energy, inadequate energy transmission infrastructure, or the termination of any of CLF’s energy supply contracts could interrupt its energy supply and adversely affect its operations.</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_zAKRZFo1bNH6" 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_zDdipI6EwVjl" 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">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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 33%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 59.22%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 59.22%. The Underlying Security’s annualized performance during this period was 71.37%. 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zF07P77AWJn2" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z265gOPVevYl" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zvFSCxcZgMPg" 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_zdOk1qmst2yi" 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"> </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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zXs7j13UdXzl" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zkBED1M4cGSj" 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_zmTzUTlKTzSf" 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 style="font: 10pt Times New Roman, 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--FixedIncomeSecuritiesRiskMember_zIBsvkQpCml7" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zWMa9A3CzzEd" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zhF035t5qIpj" 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_z745kcr9Cell" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zHIHsYySYIDa" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_znbC4mnbkgBl" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zENldV7Gzlp4" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zCIbUXrwuwwb" 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 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_zQoPbU5AbbQ9" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zH7yntcTFhwe" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zmMtnLwXEqXi" 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_zZXxL3QjDPG9" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ztAwGJJMbeN1" 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_zyybJtj9jW2" 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_zEmvMO7OjASh" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zVf7cYVB7IWc" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z7N5UjwvjE4l" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zzxkFQOSVeDa" 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_zkHCyHsZRq6h" 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_zui73QkEvRUg" 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_zjCSOUn0lmP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000101001Member_zOzLp7fDPA1e">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000101001Member_zGTf6jOZqs7f">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101001Member_z5dobWD1PP3b">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101001Member_zVA3z1MKxdNb">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 LONG PLUG ETF – FUND SUMMARY Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_z0RlU2eDrcSe" 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 Plug Power, Inc. (NASDAQ: PLUG). 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_A86_eoef--ExpenseNarrativeTextBlock_zmuwckaAlZE8" 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_z9rUsCkUcVZj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zz741bXhJPo1" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100997Member_zwpHCAjKMM98" style="border-bottom: black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F67_zQlKJszCL5d5">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270923Member_zaGk68ibhlGj" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zGHsbmyZmP77" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7yGBnwhWDHg" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zSqubo76ZjX8" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses<sup id="xdx_F4A_zO27ylUFWYZi">(2)  </sup>(includes interest expense)  </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zt5m8woYK0uc" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F4C_zIGeaQJ4IWu7">(3)</sup></td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F05_zgA08z63Ya9i">(1)</sup></td><td id="xdx_F1E_zOU75NdQUEq6" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F00_zy35psKGPUsd">(2)</sup></td><td id="xdx_F10_zP0Y1wSTRHlg" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100997Member_zPZxYTmljbr1">Based on estimated amounts for the current fiscal year.</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F06_zd2kuWlPWwnf">(3)</sup></td><td id="xdx_F13_zG6qZD7Qz1L2" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zpYWyXwH1KPa" 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_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_ztOed4clr6Y1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zCJ5xHYD1Oqh" 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_zM377jvltX4g" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_484_eoef--ExpenseExampleYear03_znCPA0XfcIVl" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270923Member_zFuqJ46Dirs9"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zIFKF1bvTUSf" 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 has not yet commenced operations, 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_A80_eoef--StrategyNarrativeTextBlock_zBdSPV2cr2j3" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100997Member_z0Ls4duWG4dk">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">Plug Power Inc. (“PLUG”)</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">PLUG is building an end-to-end clean hydrogen ecosystem, from production, storage, and delivery to energy generation, to help its customers meet their business goals and decarbonize the economy. In creating the first commercially viable market for hydrogen fuel cells, PLUG has deployed more than 74,000 fuel cell systems for forklifts and more than 275 fueling stations. PLUG is focused on delivering a number of hydrogen solutions to its customers. PLUG is listed on The Nasdaq Capital Market (“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">Per PLUG’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates of PLUG was approximately $1.46 billion based on the last reported sale of the common stock on The NASDAQ Capital Market on June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PLUG is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by PLUG pursuant to the Exchange Act can be located by reference to SEC file number 1-34392 through the SEC’s website at www.sec.gov. In addition, information regarding PLUG 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 PLUG or other securities of Plug Power Inc. The Fund has derived all disclosures contained in this document regarding PLUG 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 PLUG. 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 PLUG 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 PLUG (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 PLUG 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 PLUG.</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 PLUG POWER INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, PLUG POWER 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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Plug Power Inc. has not participated in the development of the Fund’s investment strategy. Plug Power Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Plug Power 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 Plug Power 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 PLUG 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, PLUG is assigned to the electrical 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PlugRisksMember_zbR3WDmo9K1l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PLUG Risks.</b> The Fund invests in swap contracts and options that are based on the share price of PLUG. This subjects the Fund to certain of the same risks as if it owned shares of PLUG, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of PLUG, 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--IndirectInvestmentInPlugRiskMember_zCR7gtfVXS3l"></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 PLUG Risk. </i>PLUG 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 PLUG but will be exposed to the performance of PLUG (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from PLUG 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PlugTradingRiskMember_zBxWyBxlRVE4"></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>PLUG Trading Risk. </i>The trading price of PLUG may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence PLUG’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence PLUG’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 PLUG’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--PlugPerformanceRiskMember_zLXgxvOv6uA6"></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>PLUG Performance Risk. </i>PLUG may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of PLUG to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance PLUG provides may not ultimately be accurate. If PLUG’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 PLUG could decline significantly.</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> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HydrogenProductionRiskMember_zy4ghY5K63Kl"></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>Hydrogen Production Risk</i>. As part of its vertical integration strategy, PLUG is developing and operating hydrogen production facilities in the United States and engages in hydrogen-related activities outside the United States through project-based arrangements, equipment supply and partnership. PLUG’s ability to successfully complete, operate these projects and obtain required green certification or other regulatory attribution for some of these facilities is not guaranteed. These projects will impact PLUG’s ability to meet and supplement the hydrogen demands for its products and services, for both existing and prospective customers. PLUG’s hydrogen production plants are dependent, in part, upon its ability to meet its internal demand for electrolyzers and liquefiers required for such facilities. The timing and cost to complete the construction of its hydrogen production projects are also subject to a number of factors outside of PLUG’s control, including delays or performance issues involving contractors, suppliers or other third parties, permitting, interconnection and power availability, inflationary pressures, labor availability, and other market conditions. Such projects may take longer and cost more to complete and become operational than PLUG expected.</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: 0pt 0 0pt 0.5in; text-align: justify">The viability and competitiveness of PLUG’s hydrogen production facilities will depend, in part, upon favorable laws, regulations, and policies related to hydrogen production. Additionally, its facilities are subject to numerous and new permitting, regulations, laws, and policies, many of which might vary by jurisdiction. Hydrogen production facilities are also subject to robust competition from well-established multinational companies in the energy and industrial gas industries. There is no guarantee that PLUG’s hydrogen production strategy will be successful, amidst this competitive environment. PLUG’s products and performance depend largely on the availability of hydrogen and recent insufficient supplies of hydrogen could negatively affect sales and deployment of its products and services.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ElectricalEquipmentIndustryRiskMember_zSDhelprNJSh"></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>Electrical Equipment Industry Risk. </i>The electrical equipment industry can be significantly affected by general economic trends, including employment, economic growth, interest rates, and changes in commodity prices. Electrical equipment companies are subject to the risks of technical obsolescence, and their profitability may be affected by government regulation and spending, import controls and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. These factors may result in a material adverse impact on the Fund’s portfolio securities and the performance 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zYVFRIQ6cWe"></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>Commodity Risk. </i>Some of PLUG’s products contain commodity-priced materials. Commodity prices and supply levels affect its costs. Platinum, titanium, and iridium are finite natural resources with concentrated global production, and PLUG is dependent upon a sufficient supply of these commodities. These resources may become increasingly difficult to source due to market tightness, limited by-product production, cost increases, geographic concentration of supply, regulatory constraints, geopolitical developments, trade restrictions or other factors, which in turn could have a material adverse effect on PLUG’s business.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRisksMember_zT7qkWK7cRsh"></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>Operational </i>Risk. PLUG’s ability to source parts and raw materials from its suppliers could be disrupted or delayed in its supply chain which could adversely affect our results of operations. PLUG’s operations require significant amounts of necessary parts and raw materials. Reduced availability or interruption in supplies, whether resulting from more stringent regulatory requirements, supplier financial condition, increases in duties and tariff costs, disruptions in transportation, inflationary cost pressures, an outbreak of a severe public health pandemic, severe weather events, or the occurrence or threat of wars or other conflicts, could have an adverse effect on PLUG’s financial condition, results of operations and cash flows.</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--ThirdPartySupplierRiskMember_z7VCfmtqzor4"></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>Third Party Supplier Risk. </i>PLUG will continue to be dependent on certain third-party key suppliers for components of its products, hydrogen generation projects, and manufacturing facilities. The failure of a supplier to develop and supply components on mutually agreeable terms or at all, or our inability to obtain substitute sources of these components on a timely basis or on terms acceptable to PLUG, could impair its ability to manufacture its products, could increase the cost of production or could affect the ability to generate hydrogen, which would in turn negatively affect PLUG’s sales and deployment of its products and services.</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--OperatingLossesRiskMember_zZldbP7vF3d3"></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>Operating Losses Risk. </i>PLUG has incurred losses and anticipates continuing to incur losses. The company has not achieved operating profitability in any quarter since its formation and it will continue to incur net losses until it can produce sufficient revenue to cover its costs.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zp22AIym2S12" 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 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_zzSbEZ1o1IE4" 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">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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 33%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 93.30%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 106.97%. The Underlying Security’s annualized performance during this period was -39.75%. 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_zboSzCIIcr6c" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zdx34rA5Z42k" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zHJ1aU3XFaf9" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zoWbco7fM6Gg" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zvxDYeBmiP4b" 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 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_ziEKL3oz6uib" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zppwCOQzeYY6" 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_zbsoAFeEOBk1" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zwFYj2vSKdNk" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zQi8QubJzpHa" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zAgpzeCdrCvk" 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 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--CashRedemptionRiskMember_zcvQQWIrLVy5" 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_zQBw7RQaZogh" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zsqpxrvZOnY9" 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_z3nHw7LmLBRl" 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_zaem1pxqoBK2" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zGn3PVezhu3h" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zhz3wCgT1sH2" 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 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_zYo3L25pJ902" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zjL3FtOp5nq3" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zooOvadQVlRj" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zHBn39D0fLjc" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zitpYrAeQkVh" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zQpqjKz0dLFd" 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_z4SV1xocjoea" 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_zcRZTnJSHFUl" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z9vPnBcqJkxf" 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_A80_eoef--PerformanceNarrativeTextBlock_zupCzkqppkm" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100997Member_z1gKNR4AkyRb">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100997Member_zwVGmV5DFNl3">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100997Member_zn4LqRpG8iY7">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100997Member_z4GXsg5kaKI">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 LONG UUUU ETF – FUND SUMMARY Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zzVVhyD13e2f" 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 Energy Fuels Inc. (NYSE American: UUUU). 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_A8A_eoef--ExpenseNarrativeTextBlock_zPEayquOLhMc" 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_zlyBcgYObP39"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zdCVgdNwAPEj" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100999Member_zaWhJWXwsJz" style="border-bottom: black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F60_zavyX1CLkqP8">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270925Member_zyZfFWjma2Qc" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z6XBFZocOzz" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zF8Jr729laW1" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zHZ0W4Nkcr5d" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses<sup id="xdx_F46_zkMSzpcTi9ud">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zWUOngUAbumg" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F40_zgbqmQHlriwg">(3)</sup></td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F07_zmEfiG5WkNn8">(1)</sup></td><td id="xdx_F1B_zGGwrI2Wxi0d" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F07_zbogYNoltP44">(2)</sup></td><td id="xdx_F1F_zty8PVVHxHQb" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100999Member_zH5srpgqf6ak">Based on estimated amounts for the current fiscal year.</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F09_zXxRUweuttuk">(3)</sup></td><td id="xdx_F1E_zsiJMtlNNqC8" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zoeJ69VqLC4f" 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_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsc90br9MIV7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zrqWO3Clgsrf" 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_zBExunmoLmKb" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zIMrDUQXKgJh" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270925Member_zcp6D2Gefx8k"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zfYrNRebN8Gi" 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 has not yet commenced operations, 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_A83_eoef--StrategyNarrativeTextBlock_zlqhE6u2pRkb" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100999Member_zT4eTiQlPUzc">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">Energy Fuels Inc. (“UUUU”)</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">Energy Fuels Inc. is an Ontario corporation with its corporate offices located in Lakewood, Colorado (a city in the Denver metropolitan area). Energy Fuels Inc. is a global critical mineral company. The company responsibly produces several of the raw materials needed for clean energy and advanced technologies, including uranium, vanadium, Heavy Mineral Sand (HMS) and Rare Earth Elements (REE). The company owns conventional uranium, uranium/vanadium and HMS properties and projects in various stages of operation, development, exploration and permitting, as well as fully permitted uranium and uranium/vanadium projects on standby.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UUUU is listed on the NYSE American. Per UUUU’s most recent Form 10-K filing, the aggregate market value of voting and non-voting common equity, as of the most recent available data at time of drafting this prospectus (June 30, 2025), held by non-affiliates of UUUU was approximately $1.13 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">UUUU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by UUUU pursuant to the Exchange Act can be located by reference to the SEC file number 001-36204 through the SEC’s website at www.sec.gov. In addition, information regarding UUUU 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 UUUU or other securities of Energy Fuels Inc. The Fund has derived all disclosures contained in this document regarding UUUU 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 UUUU. 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 UUUU 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 UUUU (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 UUUU 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 UUUU.</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 ENERGY FUELS INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ENERGY FUELS 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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, Energy Fuels Inc. has not participated in the development of the Fund’s investment strategy. Energy Fuels Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Energy Fuels 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 Energy Fuels 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 UUUU 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, UUUU is assigned to the oil, gas &amp; consumable fuels 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--UuuuRisksMember_zTi1IWNsyO5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>UUUU Risks.</b> The Fund invests in swap contracts and options that are based on the share price of UUUU. This subjects the Fund to certain of the same risks as if it owned shares of UUUU, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of UUUU, 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInUuuuRiskMember_zS4Jx7wRgMIk"></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 UUUU Risk. </i>UUUU 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 UUUU but will be exposed to the performance of UUUU (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.</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--UuuuTradingRiskMember_zF5mkRgPVKq4"></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>UUUU Trading Risk.</i> The trading price of UUUU 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 energy 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 UUUU may be traded by short sellers which may put pressure on the supply and demand for the common stock of UUUU, further influencing volatility in its market price. Public perception and other factors outside of the control of UUUU may additionally impact UUUU’s stock price due to UUUU 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. Moreover, stockholder litigation like this has been filed against UUUU in the past. While UUUU continues to defend such actions, any judgment against UUUU, or any future stockholder litigation could result in substantial costs and a diversion of the management of UUUU’s attention and resources. If UUUU trading is halted, trading in Shares of the Fund may be impacted, either temporarily or indefinitely.</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--UuuuPerformanceRiskMember_zQgnl045WkN9"></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>UUUU Performance Risk. </i>UUUU may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of UUUU to decline. UUUU 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 UUUU provides may not ultimately be accurate and has in the past been inaccurate in certain respects, such as the timing of new product manufacturing ramps. The guidance is based on certain assumptions such as those relating to global and local economic conditions, anticipated production and sales volumes (which generally are not linear throughout a given period), average sales prices, supplier and commodity costs, and planned cost reductions. If UUUU’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 UUUU 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zZAucdJIewWa"></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>Oil, Gas and Consumable Fuels Industry Risk</i>. The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. Actions taken by central governments may dramatically impact supply and demand forces that influence the market price of fuel, resulting in sudden decreases in value for companies in the oil, gas and consumable fuels industry. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.</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--MineralExtractionIndustryRiskMember_zmqSGShUruJd"></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>Mineral Extraction Industry Risk. </i>The development of mineral properties is affected by many factors, including, but not limited to: the cost of operations, variations in the grade of mineralized material; fluctuations in metal markets; costs of extraction and processing equipment; availability of equipment and labor; labor costs and possible labor strikes; government regulations, including without limitation, regulations relating to taxes, royalties, allowable extraction or production, and importing and exporting of minerals; government actions, including without limitation the establishment or expansion of mineral withdrawals, parks and monuments; land exchanges; foreign exchange; employment; worker safety; transportation; and environmental protection. Mineral extraction is subject to potential risks and liabilities associated with impacts to the environment and the disposal of waste products occurring as a result of mineral exploration, extraction, mining, milling, recovery and production. In addition, mining, extraction, recovery, processing, construction, development and exploration activities depend, to a substantial degree, on adequate infrastructure. Unusual or infrequent weather phenomena, including drought, flooding, sabotage, government and/or other interference in the maintenance or provision of such infrastructure could adversely affect UUUU’s operations and activities, 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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRisksMember_zr0m1sFeIsFc"></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>Operational Risks.</i> UUUU’s results of operations are significantly affected by the market prices of uranium, vanadium, rare earth elements and heavy mineral sands, which are cyclical and subject to substantial price fluctuations. UUUU’s earnings and operating cash flow are and will be particularly sensitive to the long- and short-term changes in the market prices of uranium, vanadium, REEs, metals and alloys, and HMS and their components. Among other factors, these prices also affect the value of UUUU’s resources, reserves and inventories, as well as the market price of its common shares and therefore the Fund. Market prices are affected by numerous factors beyond UUUU’s control.</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--RegulatoryRisksMember_z0IPMBfmo65f"></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 Risks.</i> UUUU’s operations are subject to extensive international, federal, state and local laws and regulations. These regulations govern, among other things: acquisition of the property or mineral interests; maintenance of claims; tenure; expropriation; prospecting; exploration; development; construction; extraction and mining; recovery, processing, milling and production; price controls; exports and imports; taxes and royalties; labor standards; occupational health; waste disposal; toxic substances; water use; land use; American Indian or other foreign indigenous peoples consultations and accommodations; environmental protection and remediation; endangered and protected species; mine, mill and other facility decommissioning and reclamation; mine safety; transportation safety and emergency response; and other matters. Compliance with such laws and regulations has increased the costs of exploring, drilling, developing, constructing, operating and closing of UUUU’s mines, mills, plants and other extraction, recovery and processing facilities. It is possible that, in the future, the costs, delays and other effects associated with such laws and regulations may impact UUUU’s decision as to whether to operate existing mines or facilities, or, with respect to exploration, development or construction properties, whether to proceed with exploration, development or construction. It is also possible that such laws and regulations may result in UUUU incurring significant costs to remediate or decommission properties if it is determined they do not comply with applicable environmental standards at such time.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z5sufM0CakQ9" 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 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_zlLvSME3fmSi" 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">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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 72.78%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 96.29%. The Underlying Security’s annualized performance during this period was 19.09%. 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 id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zi36tDH8ucHa" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zaqZsVU27sna" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zSvhE3DKebT9" 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_zzNbPIQO1FIl" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zYUe7mHWFhZi" 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 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--CounterpartyRiskMember_zcMP7W0RN66j" 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_zJC2mIL3RUGg" 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_zlZLIh4Lr2Ri" 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_zGq9SGnLroZf" 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_zAHOPIwrUZx9" 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_zhiR34bMzHY3" 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 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--CashRedemptionRiskMember_z0DoA5bAsv5i" 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_zACwH9MD8vp5" 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_zChJJ7zgCSV6" 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_z3tN9tT0H6D8" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zBX3IE5Vebn" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zUMgeAlvgMr5" 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_zdLWiR1sX9V3" 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 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_zykkojwtit7k" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zkuBbMVcZndh" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z2pyJTKOxVQa" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z91EcReVVYf9" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zz16i36UJb3l" 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_z0hhc5LGEtf1" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z4tpcSWJ5ci4" 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_zgMiGhqP1D8k" 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 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_zkMx8Kcm6W3g" 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> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zNkT0nT4qOD3"></span></div> Performance <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zLoWDN2D8Csf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100999Member_zWA4tfFHMds9">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100999Member_zUNMcbzI9Wuf">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100999Member_zT2u75psGLua">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100999Member_zMT5tr04EvA5">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 LONG CCJ ETF – FUND SUMMARY Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zC5vfMN54Ti4" 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 Cameco Corporation (NYSE: CCJ). 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_zmadOALzUFj8" 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_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zmRjlEWcjvu4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zPrswPWvbPVf" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101000Member_zbXScsG19Zkg" style="border-bottom: black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F6D_zLezXBVArizi">(1</sup></b>⁾(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270926Member_zrHTBfwI9b11" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zpyWnvcp3ji4" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbaSJ1FE2655" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_z5kJ0XcZok8d" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses<sup id="xdx_F4D_zzap4giOVo43">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zlV2Ose0sWNl" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F46_zuknHn0f00kk">(3)</sup></td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F05_zXn3kAQK2YN5">(1)</sup></td><td id="xdx_F1F_zcR2Pnq6tNlb" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F05_zyVEKTuI6Or8">(2)</sup></td><td id="xdx_F17_zSG8OO5tBC6e" style="text-align: justify"><span id="xdx_905_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000101000Member_zGgNex7o2HUe">Based on estimated amounts for the current fiscal year.</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F0D_zgSxh0Pci3q">(3)</sup></td><td id="xdx_F11_zQhOTRoWi0kg" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zhbwiO6aak78" 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_zzsGvN6c2PNa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zDXWuLPmliTc" 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_zsNiiait2avk" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zJMPBjimBiKk" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270926Member_zc63UMzGFZ3"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zdc9RFutvr11" 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 has not yet commenced operations, 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_zvel67fXeLPc" 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">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_90B_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000101000Member_zx9Rzuyjsms7">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">Cameco Corporation (“CCJ”)</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">CCJ’s operations span the nuclear fuel cycle from exploration to fuel services, which include uranium production, refining, uranium dioxide (UO2) and uranium hexafluoride (UF6) conversion services. CCJ further enhanced its ability to meet its customers’ growing demand for reliable and secure nuclear fuel supplies, services and technologies by investing in Westinghouse Electric Company (“Westinghouse”). Westinghouse’s assets augment the core of CCJ’s business, providing operating plant services to the installed global base of reactors, the design fabrication and supply of fuel assemblies and the design, development, engineering and procurement of equipment for new reactors. CCJ also has made an investment in a third-generation enrichment technology, that if successful CCJ expects will allow it to participate in the entire nuclear fuel value chain. CCJ is listed on the New York Stock Exchange (“NYSE”). Per CCJ’s most recent 40-F filing, as of December 31, 2025, CCJ had 435,457,978 Common Shares outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CCJ is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by CCJ pursuant to the Exchange Act can be located by reference to SEC file number 001-14228 through the SEC’s website at www.sec.gov. In addition, information regarding CCJ 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 CCJ or other securities of CCJ. The Fund has derived all disclosures contained in this document regarding CCJ 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 CCJ. 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 CCJ 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 CCJ (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 CCJ 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 CCJ.</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 CCJ. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY CCJ.</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, CCJ has not participated in the development of the Fund’s investment strategy. CCJ does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. CCJ 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 CCJ.</p> <p style="font: 10pt Times New Roman, 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 CCJ 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, CCJ is assigned to the oil, gas and consumable fuels 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--CcjRisksMember_zUVKNc2oq66g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>CCJ Risks.</b> The Fund invests in swap contracts and options that are based on the share price of CCJ. This subjects the Fund to certain of the same risks as if it owned shares of CCJ, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of CCJ, 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInCcjRiskMember_zCcHIsQLlP6a"></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 CCJ Risk. </i>CCJ 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 CCJ but will be exposed to the performance of CCJ (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from CCJ 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CcjTradingRiskMember_zdYdpVnWWJEd"></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>CCJ Trading Risk.</i> The trading price of CCJ may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence CCJ’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence CCJ’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 CCJ’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--CcjPerformanceRiskMember_zXJjGcZUYKfc"></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>CCJ Performance Risk. </i>CCJ may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of CCJ to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance CCJ provides may not ultimately be accurate. If CCJ’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 CCJ 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--MiningUraniumRiskMember_zqKxhY3HC0Uc"></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>Mining Uranium Risk.</i> CCJ’s business segments are concentrated in the nuclear fuel and reactor cycles, with the largest segment being uranium mining. As such, CCJ is sensitive to changes in, and its performance and future prospects, will depend to a greater extent on, the overall condition of the nuclear energy industry and the public acceptance of nuclear energy. CCJ may be susceptible to increased risks, compared to diversified metals trading companies or diversified mining companies, as a result of the fact that its operations are concentrated in the nuclear fuel business.</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> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zC1qX4CPDtR4"></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>Oil, Gas and Consumable Fuels Industry Risk</i>. The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. Actions taken by central governments may dramatically impact supply and demand forces that influence the market price of fuel, resulting in sudden decreases in value for companies in the oil, gas and consumable fuels industry. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.</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--CommodityPriceRiskMember_zUuWuAtEY8Mj"></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>Commodity Price Risk.</i> Because CCJ derives the majority of its revenues from sales of nuclear fuel products and services, its results of operations and cash flows will fluctuate as the price of nuclear fuel products and services increases or decreases. A sustained period of declining prices across the nuclear fuel cycle would materially and adversely affect CCJ’s results of operations and cash flows. Additionally, if the market price for nuclear fuel declines or remains at relatively low levels for a sustained period, CCJ may have to revise its operating plans, including reducing operating costs and capital expenditures, terminating, or suspending mining operations at one or more of properties, and discontinuing certain exploration and development plans. In the past, CCJ has been impacted by the sustained period of low prices. In a sustained period of low prices, CCJ may be unable to decrease its costs in an amount sufficient to offset reductions in revenues and may incur losses.</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--RegulatoryRiskMember_zaTC0954bVij"></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 Risk.</i> Existing, new, or changing laws, regulations and standards of regulatory enforcement could disrupt transportation of CCJ’s products, increase costs, lower, delay or interrupt production, or affect decisions about whether to continue with existing operations or developments projects. Since 2008, the Canada Revenue Agency (CRA) has disputed CCJ’s marketing and trading structure and the related transfer pricing methodology CCJ has used for certain intercompany uranium sale and purchase agreements. CCJ’s expectations relating to this transfer pricing dispute, including its confidence that the courts would reject any attempt by CRA to utilize the same or similar positions for other tax years currently in dispute, and its belief that CRA should return the full amount of cash and security that has been paid or otherwise secured by CCJ, may be incorrect and could adversely affect the company.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuerRiskMember_zEkymEoCxpdh"></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>Foreign Issuer Risk</i>. CCJ is a Canadian company. Because the Fund has indirect exposure to a foreign company, the Fund may be subject to risks associated with foreign investments.</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--CurrencyRiskMember_zyFiR6Xchofb"></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: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Currency Risk</i>. Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</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--ForeignSecuritiesRiskMember_zBwKbxokQici"></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: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Foreign Securities Risk.</i> Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.</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_z8gIR0hTRSy5" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zDWg1MJkQ7F4" 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">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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 49.49%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 57.59%. The Underlying Security’s annualized performance during this period was 39.62%. 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zPKXprGRcdEe" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zCmwgT4SJhxc" 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 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_z3XNDjQe17v9" 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_z9fXbYb1XBPk" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z8uBrrBqitd3" 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 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--CounterpartyRiskMember_zbWCcsWX7kLd" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zc6er1esQgeh" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zsVKQaCZwZAj" 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_zPxvrHT9bde9" 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_zzq10nHdAO9f" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z6wN8WRsDRvj" 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 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_zv7BSt1ZXmIl" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zHcAagILyPr4" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zLJP11P7wCp6" 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_zH9nj6kkAUn3" 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_zhVhgrRcSVD1" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zdUAI4v7qJ4l" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zreYh2VndYT4" 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 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_z1XlPZqluQRf" 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_zddydBhbeOQi" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z03QPV5SnMA7" 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_zSkracKAgVHl" 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_zecZEQIQp3Z8" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zPbK2NEuktg1" 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_zMhReRWZSAEb" 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_zuhXtkHnAYQ" 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 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_z6Pr3biM1UPc" 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> <div style="display: none"><span id="xdx_918_exdx--NextElement_zJenKDRJ78Zi"></span></div> Performance <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zz4PKubeWtsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000101000Member_zLcg3XYjAYa4">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101000Member_zIIRgtoPOmO5">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101000Member_zR0ehO7Eoosb">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101000Member_zPsWyBGF0hk8">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 LONG DNN ETF – FUND SUMMARY Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zI5evcUNJCU1" 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 Denison Mines Corp. (NYSE American: DNN). 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_zhBxFmfq5Pkk" 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_zSkCwdGL3dEk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zJ3iy2L2fHb7" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101003Member_zx1mTmO5xzI5" style="border-bottom: black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F68_zxJZUinqlc4c">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270929Member_zE2lQCTp9FRd" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zd8zSdexwtMg" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvVMbFX4fmkf" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zjvATG41EV57" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses<sup id="xdx_F4B_zepOgR3n3ika">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zjdwxz3MDB0a" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F4D_z8cCXaSGHxQb">(3)</sup></td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F06_zu0TvHucK3e1">(1)</sup></td><td id="xdx_F1A_zTZVEn7dvXBf" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F0D_zwEfFSvJAt8f">(2)</sup></td><td id="xdx_F16_z44nBbb3JOKi" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000101003Member_z6CZecckhpZ9">Based on estimated amounts for the current fiscal year.</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F0F_zo6yFOug0Rbj">(3)</sup></td><td id="xdx_F18_za6stK9IwZ7h" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zUSIIArrvyX7" 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_zxuxKx4F3bTl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zOI6yBVysqye" 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_486_eoef--ExpenseExampleYear01_zmJinfP0c4yk" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zH69pu0GnOm9" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270929Member_z11AfDAwZGLa"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zg1pBvKRFWkh" 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 has not yet commenced operations, 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_zlDZim0D2iMf" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000101003Member_zDrLKiEEnsIl">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">Denison Mines Corp. (“DNN”)</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">DNN is engaged in uranium exploration, development and mining. DNN is listed on the NYSE American Exchange. Per DNN’s most recent 40-F filing, as of December 31, 2025, DNN had 901,610,950 common shares outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DNN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by DNN pursuant to the Exchange Act can be located by reference to SEC file number 001-33414 through the SEC’s website at www.sec.gov. In addition, information regarding DNN 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 DNN or other securities of DNN. The Fund has derived all disclosures contained in this document regarding DNN 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 DNN. 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 DNN 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 DNN (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 DNN 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 DNN.</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 DNN. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY DNN.</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, DNN has not participated in the development of the Fund’s investment strategy. DNN does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. DNN 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 DNN.</p> <p style="font: 10pt Times New Roman, 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 DNN 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">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, DNN is assigned to the oil, gas and consumable fuels 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--DnnRisksMember_zFAPxUzj5lP4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>DNN Risks.</b> The Fund invests in swap contracts and options that are based on the share price of DNN. This subjects the Fund to certain of the same risks as if it owned shares of DNN, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of DNN, 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInDnnRiskMember_z8vFQbW1zEXk"></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 DNN Risk. </i>DNN 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 DNN but will be exposed to the performance of DNN (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from DNN 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DnnTradingRiskMember_zKBFRBZ1Yqo"></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>DNN Trading Risk.</i> The trading price of DNN may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence DNN’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence DNN’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 DNN’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--DnnPerformanceRiskMember_zuQFo3KSjmx9"></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>DNN Performance Risk. </i>DNN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of DNN to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance DNN provides may not ultimately be accurate. If DNN’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 DNN 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MiningIndustryRiskMember_z04UzpGzWu77"></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>Mining Industry Risk.</i> The exploration and development of mineral properties and operation of mines and associated facilities requires a substantial amount of capital and the ability of DNN to proceed with any of its plans with respect thereto depends on its ability to: (a) obtain financing through joint ventures, equity financing, debt financing or other means, (b) monetize current uranium investments, and/or (c) produce income from the sale of future produced uranium inventory. For example, general market conditions, volatile uranium markets, changing international policies, changing investor expectations, a claim against DNN, a significant disruption to DNN’s business or operations, or other factors may make it difficult to secure the financing necessary to fund the full cost of the construction and subsequent operations of DNN’s mineral projects. Failure to obtain sufficient financing as and when needed on acceptable terms could result in the delay or indefinite postponement of any or all of DNN’s exploration, development or other growth initiatives.</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--MiningUraniumRiskMember_zbVpf4WmUFN9"></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>Mining Uranium Risk.</i> Exploration for minerals and the development of mineral properties are speculative and involve significant uncertainties and financial risks that even a combination of careful evaluation, experience and technical knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards, few properties which are explored result in the discovery of a commercially mineable deposit and/or are ultimately developed into producing mines. Many of DNN’s projects are preliminary in nature and mineral resource estimates include inferred mineral resources, which are considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. DNN’s project viability and operational outlook could be negatively impacted by the volatility and sensitivity to fluctuations in uranium market prices. The value of DNN’s current physical uranium holdings, its estimates of mineral resources and mineral reserves, and the viability of future production for its projects are heavily influenced by long- and short-term market prices of U₃O₈. Historically, these prices have seen significant fluctuations, and have been and will continue to be affected by numerous factors beyond DNN’s control. Such factors include, among others: demand for nuclear power, political, economic and social conditions in uranium producing and consuming countries, public and political response to nuclear incidents, reprocessing of used reactor fuel and the re-enrichment of depleted uranium tails, sales of excess civilian and military inventories (including from the dismantling of nuclear weapons) by governments and industry participants, uranium supplies from other secondary sources, production levels and costs of production from primary uranium suppliers, and forward contracts of U₃O₈ supplies.</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--RegulationRiskMember_zw8K2oI062Y5"></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>Regulation Risk</i>. Uranium mining and milling operations and exploration activities, as well as the transportation and handling of the products produced, are subject to extensive regulation by federal, provincial, and state governments. Such regulations relate to production, development, exploration, exports, imports, taxes and royalties, labour standards, occupational health, waste disposal, protection and remediation of the environment, mine decommissioning and reclamation, mine safety, toxic substances, transportation safety and emergency response, engagement with Indigenous peoples, and other matters. Compliance with such laws and regulations is currently, and has historically, increased the costs of exploring, drilling, developing, constructing, operating and closing DNN’s mines and processing facilities.</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: 0pt 0 0pt 0.5in; text-align: justify">DNN expends significant financial and managerial resources to comply with such laws and regulations. DNN anticipates it will have to continue to do so as the trend toward stricter government regulation may continue. Because legal requirements are frequently changing and subject to interpretation, DNN is unable to predict the ultimate cost of compliance with these requirements or their effect on operations. While DNN has taken great care to ensure full compliance with its legal obligations, there can be no assurance that DNN has been or will be in full compliance with all of these laws and regulations, or with all permits and approvals that it is required to have.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilGasAndConsumableFuelsIndustryRiskMember_zyACxqJuJ7V9"></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>Oil, Gas and Consumable Fuels Industry Risk</i>. The oil, gas and consumable fuels industry is cyclical and highly dependent on the market price of fuel. The market value of companies in the oil, gas and consumable fuels industry are strongly affected by the levels and volatility of global commodity prices, supply and demand, capital expenditures on exploration and production, energy conservation efforts, the prices of alternative fuels, exchange rates and technological advances. Companies in this industry are subject to substantial government regulation and contractual fixed pricing, which may increase the cost of business and limit these companies’ earnings. Actions taken by central governments may dramatically impact supply and demand forces that influence the market price of fuel, resulting in sudden decreases in value for companies in the oil, gas and consumable fuels industry. A significant portion of their revenues depends on a relatively small number of customers, including governmental entities and utilities. As a result, governmental budget restraints may have a material adverse effect on the stock prices of companies in the industry.</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--OperatingLossRiskMember_z5UKP1jVaeh9"></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>Operating Loss Risk.</i> DNN had negative operating cash flow for recent past financial reporting periods. DNN anticipates that it will continue to have negative operating cash flow until such time, if at all, its Wheeler River project goes into production. To the extent that DNN has negative operating cash flow in future periods, DNN may need to allocate a portion of its cash reserves and/or physical uranium holdings to fund such negative cash flow. DNN may also be required to raise additional funds through the issuance of equity or debt securities, or asset sales. There can be no assurance that additional capital or other types of financing will be available when needed or that these financings will be on terms favourable to DNN.</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--ForeignIssuerRiskMember_zEh7LcgypR3"></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>Foreign Issuer Risk</i>. DNN is a Canadian company. Because the Fund has indirect exposure to a foreign company, the Fund may be subject to risks associated with foreign investments.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z2wvatOmq5ae"></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: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Currency Risk</i>. Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</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--ForeignSecuritiesRiskMember_zFLHm9sfTxfa"></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: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Foreign Securities Risk.</i> Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.</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_zPV5AmIAavhi" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zr9Y64PKYUS8" 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">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"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p></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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 63.03%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 79.61%. The Underlying Security’s annualized performance during this period was 20.78%. 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zeKLm1Bu2Gx4" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zWp1Rs7ebmbk" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zSQIGKvoAFZ4" 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_zihVhLnd6bQ5" 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_z9Mh0lf0rxKe" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zxb0mXBBFmlj" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zrqCH9I8VEXb" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zdFox5QAyrJf" 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_znM2TwAHYUKk" 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_zF5dCDtmaCXc" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zGjd16mWjVll" 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_zsx8eaNRo3If" 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_zQn4RwWL6752" 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_zkwAt60vev8j" 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_zFkFJ8E2oK61" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zCZV8Q39EqQg" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zF0MqSO5ZGU8" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zCzyg8QUK9h3" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zoLnsF1hLxW" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zx9t0yxRTGQ8" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zgjQHLhvTFV9" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_z0qhsnIokKL2" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zmIF6jEJCHd4" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zfgfxkRMk2ga" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zY5H36n24jz8" 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_zYNtmxN1bu5g" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zc16giAjNKE7" 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> <div style="display: none"><span id="xdx_911_exdx--NextElement_zZrMqv7Bfzl7"></span></div> Performance <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zI5Q5LaSvz01" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000101003Member_z76zTJMpahN2">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000101003Member_znrlGPywBLR5">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101003Member_zy2ds12dclkb">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101003Member_zmmnasY5uDNf">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 LONG HL ETF – FUND SUMMARY Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_z1ootT65CyS" 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 the Hecla Mining Company (NYSE: HL). 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_A82_eoef--ExpenseNarrativeTextBlock_ziX1ioZPoq34" 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_zEyMpLKzXg83"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zK9O4NbFPxR7" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101004Member_zNlYc3oaLd4b" style="border-bottom: black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F6C_zc8CkMVFEvJl">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270930Member_zfumSk4SLLu6" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z3NRp45VlKJd" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zkw8hlhq4ifb" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zCMEhrwL1KIk" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 2pt">Other Expenses<sup id="xdx_F43_zB3sjsgeXqXg">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zHZjo7eNI8dk" style="vertical-align: bottom"> <td style="padding-top: 2pt">Total Annual Fund Operating Expenses<sup id="xdx_F43_zkaxSPlkL71l">(3)</sup></td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F01_zooO1DIj20Me">(1)</sup></td><td id="xdx_F18_zvrMCWklUwc1" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F0E_z5NaT62Ozrek">(2)</sup></td><td id="xdx_F1E_zqTLhfw1dqof" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000101004Member_ztDliXfcPjM9">Based on estimated amounts for the current fiscal year.</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F0F_zW2Wbr61OKzj">(3)</sup></td><td id="xdx_F18_zdfOan2655Nh" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p> <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 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zXfsRjUlgIic" 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_zJhL4stKpTvl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zJpv2xIV4uze" 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_zbakqJ07YIth" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zHt2FMj7wKJ" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270930Member_z1NVfYgCrc08"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_z5170Bxuxlsj" 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 has not yet commenced operations, 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_zOhWwmx8Peyg" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000101004Member_zGVaa5fqOWR9">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">Hecla Mining Company (“HL”)</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">Hecla Mining Company and its subsidiaries have provided precious and base metals to the U.S. and the world since 1891. The company discovers, acquires and develops mines and other mineral interests and produce and market (i) concentrates containing silver, gold, lead, zinc and copper, (ii) carbon material containing silver and gold, and (iii) unrefined doré containing silver and gold. HL is listed on the New York Stock Exchange (“NYSE”). Per HL’s most recent 10-K filing, the aggregate market value of HL’s common stock held by non-affiliates was $3,940,331,126 as of June 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">HL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by HL pursuant to the Exchange Act can be located by reference to SEC file number 1-8491 through the SEC’s website at www.sec.gov. In addition, information regarding HL 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 HL or other securities of HL. The Fund has derived all disclosures contained in this document regarding HL 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 HL. 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 HL 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 HL (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 HL 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 HL.</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 HL. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY HL.</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, HL has not participated in the development of the Fund’s investment strategy. HL does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. HL 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 HL.</p> <p style="font: 10pt Times New Roman, 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 HL 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, HL is assigned to the metals and mining 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--HlRisksMember_zHJCJTHGtnRj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>HL Risks.</b> The Fund invests in swap contracts and options that are based on the share price of HL. This subjects the Fund to certain of the same risks as if it owned shares of HL, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of HL, 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInHlRiskMember_zfy3IHzAherg"></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 HL Risk. </i>HL 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 HL but will be exposed to the performance of HL (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from HL 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HlTradingRiskMember_zYjoYB9I3A9h"></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>HL Trading Risk.</i> The trading price of HL may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence HL’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence HL’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 HL’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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HlPerformanceRiskMember_zXyEZdahIV6i"></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>HL Performance Risk. </i>HL may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of HL to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance HL provides may not ultimately be accurate. If HL’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 HL 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MetalsandMiningIndustryRisksMember_zjQqoIicsOL4"></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>Metals and Mining Industry Risks</i>. Substantial or extended decline in metals prices would have a material adverse effect on HL. The company’s revenue is derived primarily from the sale of concentrates and doré containing silver, gold, lead, zinc and copper and, as a result, our earnings are directly related to the prices of these metals. Silver, gold, lead, zinc and copper prices fluctuate widely and are affected by numerous factors, including: speculative activities; relative exchange rates of the U.S. dollar; global and regional demand and production; political instability; inflation, recession or increased or reduced economic activity; and other political, regulatory and economic conditions. These factors are largely beyond HL’s control and are difficult to predict. If the market prices for these metals fall below its production or development costs for a sustained period of time, HL will experience losses and may have to discontinue exploration, development or operations, and the company may also incur asset write-downs at one or more of its properties. An extended decline in metals prices, an increase in operating or capital costs or treatment charges, mine accidents or closures, increasing regulatory obligations, or HL’s inability to convert resources or exploration targets to reserves may cause it to record write-downs, which could negatively impact HL’s results of operations.</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--OperationalLossesRiskMember_zDvyWZHmIOF"></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>Operational Losses Risk</i>. HL has experienced volatility in its net income (loss) reported in the last three years. Many of the factors affecting the company’s operating results are beyond its control, including, but not limited to, the volatility of metals prices; smelter terms; rock and soil conditions; seismic events; cybersecurity attacks; availability of hydroelectric power; diesel fuel prices; interest rates; foreign exchange rates; global or regional political or economic policies; inflation; availability and cost of labor; economic developments and crises; governmental regulations; continuity of orebodies; ore grades; recoveries; performance of equipment; uninsured losses; price speculation by certain investors; and purchases and sales by central banks and other holders and producers of gold and silver in response to these factors. There is no assurance that HL will not incur losses in the future.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zBdnX7VstBf5"></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 Risk</i>. HL’s business is subject to extensive U.S. and foreign federal, state, provincial and local laws and regulations governing environmental protection, natural resources, prospecting, development, production, post-closure reclamation, taxes, labor standards and occupational health and safety laws and regulations, including mine safety, toxic substances and other matters. The costs associated with compliance with such laws and regulations are substantial. Possible future laws and regulations, or more restrictive interpretations of current laws and regulations by governmental authorities, could cause additional expense, capital expenditures, restrictions on or suspensions of operations and delays in the development of new properties.</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--LitigationRiskMember_zS6hiildCPhe"></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>Litigation Risk</i>. There are several ongoing legal disputes in which HL is involved, including a putative class action lawsuit filed against it and certain current and former directors and officers. Further, HL has experienced in the past, and could experience in the future, claims regarding environmental damage or compliance, safety conditions or other matters at our mines. The outcomes of these pending and potential claims are uncertain. HL may not resolve these claims favorably. Depending on the outcome, these actions could cause adverse financial effects or reputational harm to the company. If any of these disputes result in a substantial monetary judgment against HL, are settled on terms unfavorable to HL, or otherwise impact HL’s operations (such as by limiting the ability to obtain permits or approvals), its financial results or condition could be materially adversely affected.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zNpTMxstpoab" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zWukLIrIvpxj" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 59.30%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 73.91%. The Underlying Security’s annualized performance during this period was 15.70%. 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zhaKF2pJLPuh" 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_zE4MJw2ZGjp1" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zyU9hZVcrv09" 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_z1SyBWIrNWFg" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zaUYVuvMAJn6" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zULTM0BuVZah" 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_zfkyQaHKTZwg" 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 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_zwy8kdCQIlG" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_z7QG6zuC3Gzj" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zfrRxhG2dLl6" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zR8IIml2RoP" 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_zdfKbxzFhRN3" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zw6CiXlEulkl" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zSVSuk58jbP9" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zSsw6SaQ197j" 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 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_zb6JvGHUsaFb" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zumnSvOtZd4k" 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--HighPortfolioTurnoverRiskMember_zBTgiVXldRAl" 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_zIIfJ5xlWta" 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_zDaOD0XyNl3c" 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_zoMOmi6oHi31" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zRuVndXx8OE7" 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_zxGMq8JGHssh" 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 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_zcFGQxyf8xG8" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zVt8FqQW3PN2" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zh8A9Gp5mv28" 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_zdlv3DGsUZBc" 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> <div style="display: none"><span id="xdx_914_exdx--NextElement_zskP9ZyFtG6h"></span></div> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z3UTE6DVC8M9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000101004Member_z96o6f6yGJYd">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000101004Member_zlMLr43Quyfj">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101004Member_zBlVjlZevBpe">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101004Member_z1xbTjiOV9oi">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 LONG NDAQ ETF – FUND SUMMARY Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_z9seXngz7Khg" 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 Nasdaq, Inc. (NASDAQ: NDAQ). 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_zCP3nHSgxMNc" 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_zyge9OzsxC1c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zDjvLyalY5Yg" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101005Member_z8qLWGudUmLg" style="border-bottom: black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F6E_ztBvPEz9phg6">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270931Member_zklXhqsAV3g5" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z6UoLW7E62qa" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJwtMQlplTqa" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zjsXWyLdTGG3" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses<sup id="xdx_F46_zoQltZ4tkwZ6">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zw3OhT1E8sAk" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F4A_zMOxMadqwtJ5">(3)</sup></td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F03_zvN4h7xbkJ78">(1)</sup></td><td id="xdx_F17_zjxmOkYUTRka" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F08_zBpYLoEZP1v3">(2)</sup></td><td id="xdx_F1C_zJHsS7vmTXbl" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000101005Member_zYiBpTTG234b">Based on estimated amounts for the current fiscal year.</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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup id="xdx_F0B_zvkV8dKqvjhi">(3)</sup></td><td id="xdx_F17_zcWVWjo8OVUb" 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: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; 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 0.0002 0.0131 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zjFkzRCsAWq1" 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_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXSRQMsynET8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z1gDzNcD8enj" 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_zxj5R9XRVkeg" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_ztbcM8V57l03" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270931Member_zyk7W7vxSXhb"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zIMXtuEuV6q4" 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 has not yet commenced operations, 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_z9mBUhN3S3se" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000101005Member_zRms09rI5BU4">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">Nasdaq, Inc. (“NDAQ”)</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">NDAQ is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. Per NDAQ’s most recent 10-K filing, as of June 30, 2025, the aggregate market value of the NDAQ’s common stock held by non-affiliates was approximately $40.6 billion (this amount represents approximately 454.2 million shares of Nasdaq, Inc.’s common stock based on the last reported sales price of $89.42 of the common stock on NASDAQ on such date).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NDAQ is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by NDAQ pursuant to the Exchange Act can be located by reference to SEC file number 001-38855 through the SEC’s website at www.sec.gov. In addition, information regarding NDAQ 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 NDAQ or other securities of NDAQ. The Fund has derived all disclosures contained in this document regarding NDAQ 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 NDAQ. 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 NDAQ 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 NDAQ (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 NDAQ 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 NDAQ.</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 NDAQ. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY NDAQ.</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, NDAQ has not participated in the development of the Fund’s investment strategy. NDAQ does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. NDAQ 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 NDAQ.</p> <p style="font: 10pt Times New Roman, 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 NDAQ 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, NDAQ is assigned to the capital markets 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--NdaqRisksMember_zOpVlh0BVg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NDAQ Risks.</b> The Fund invests in swap contracts and options that are based on the share price of NDAQ. This subjects the Fund to certain of the same risks as if it owned shares of NDAQ, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of NDAQ, 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--IndirectInvestmentInNdaqRiskMember_z9NOwUl4Jejg"></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 NDAQ Risk. </i>NDAQ 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 NDAQ but will be exposed to the performance of NDAQ (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from NDAQ 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NdaqTradingRiskMember_zDNcFgZNJM86"></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>NDAQ Trading Risk.</i> The trading price of NDAQ may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence NDAQ’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence NDAQ’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 NDAQ’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--NdaqPerformanceRiskMember_zN8ayqJMIgN5"></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>NDAQ Performance Risk. </i>NDAQ may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of NDAQ to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance NDAQ provides may not ultimately be accurate. If NDAQ’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 NDAQ 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRiskMember_zaNMwy50dw85"></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>Operations Risk</i>. A decline in trading and clearing volumes or values or market share will decrease NDAQ’s trading and clearing revenues. Trading and clearing volumes and values are directly affected by economic, political and market conditions, broad trends in business and finance, unforeseen market closures or other disruptions in trading, the level and volatility of interest rates, inflation, changes in price levels of securities and the overall level of investor confidence. Over the past several years, trading and clearing volumes and values across markets have fluctuated significantly depending on market conditions and other factors beyond NDAQ’s control. Because a significant percentage of NDAQ’s revenues are tied directly to the volume or value of securities traded and cleared on NDAQ markets, it is likely that a general decline in trading and clearing volumes or values would lower revenues and may adversely affect NDAQ’s operating results if it is unable to offset falling volumes or values through pricing changes. Declines in trading and clearing volumes or values may also impact NDAQ’s market share or pricing structures and adversely affect its business and financial condition. If total market share in securities decreases relative to competitors, NDAQ venues may be viewed as less attractive sources of liquidity. If NDAQ’s exchanges are perceived to be less liquid, then the business, financial condition and operating results could be adversely affected.</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--TechnologyRiskMember_zahTC8LEYaYg"></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 Risk.</i> System limitations or failures could harm NDAQ’s business. NDAQ’s businesses depend on the integrity and performance of the technology, computer and communications systems supporting them. If new systems fail to operate as intended or existing systems cannot expand to cope with increased demand or otherwise fail to perform, NDAQ could experience unanticipated disruptions in service, slower response times and delays in the introduction of new products and services. NDAQ could experience a systems failure due to human error by its employees, contractors or vendors, electrical or telecommunications failures or disruptions, hardware or software failures or defects, cyberattacks, sabotage or similar unexpected events. These consequences could result in service outages, lower trading volumes or values, financial losses, decreased customer satisfaction, litigation and regulatory sanctions. NDAQ’s products, markets and the markets that rely on its technology have experienced system failures and delays in the past and could occur in the future.</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--CapitalMarketsIndustryRiskMember_zhgp8C3TugKh"></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>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.</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--CyberSecurityRiskMember_zZaHWZV0Hhad"></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>Cybersecurity Risk. </i>NDAQ’s role in the global marketplace positions it at greater risk for a cyberattack. NDAQ’s systems and operations are vulnerable to damage, misappropriation or disruption from security breaches. Some of these threats include attacks from foreign governments, hacktivists, insiders and criminal organizations. Foreign governments may seek to obtain a foothold in U.S. critical infrastructure, hacktivists may seek to deploy denial of service attacks to bring attention to their cause, insiders may pose a risk of human error or malicious activity and criminal organizations may seek to profit by gaining control of company systems or accounts or from stolen data via ransomware or other means, such as social engineering, including deepfake scams, compromised business email or other methods.</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--ChangingTechnologyRiskMember_zeRvGbalba4k"></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>Changing Technology Risk.</i> The markets in which NDAQ competes is characterized by rapidly changing technology, evolving industry and regulatory standards, frequent enhancements to existing products and services, the adoption of new services and products and changing customer demands. NDAQ may not be able to keep up with rapid technological and other competitive changes affecting its industry. Further, NDAQ’s failure to anticipate or respond adequately to changes in emerging technology and customer preferences, such as trading and settlement of tokenized equity securities and ETPs or extended trading hours on its exchanges, or any significant delays in product development efforts, could have a material adverse effect on its business, financial condition and operating results.</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--RegulatoryRiskMember_zphsGuomXi5i"></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 Risk.</i> Under current U.S. federal securities laws, changes in the rules and operations of the securities markets, including pricing structure, must be reviewed and in many cases explicitly approved by the SEC. The SEC may approve, disapprove, or recommend changes to proposals that NDAQ submits. In addition, the SEC may delay either the approval process or the initiation of the public comment process. Favorable SEC rulings and interpretations can be challenged in and reversed by federal courts of appeals, reducing or eliminating the value of such prior interpretations. Any delay in approving changes, or the altering of any proposed change, could have an adverse effect on NDAQ’s business, financial condition and operating results.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z6rqgfBv5Yxj" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_znNj3rqVpFS3" 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"> </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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s five-year annualized historical volatility rate for the period ended June 30, 2026 was 24.46%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 25.51%. The Underlying Security’s annualized performance during this period was 6.10%. 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_z5NccTbM1HZi" 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_z6lS1O7BS44c" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNhBLWgk2fw6" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zxP8vVnoaK3h" 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"> </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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zDtpbEiResph" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zvo2lRxJcwi8" 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_zeXfrlRrypXi" 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 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_z1IlM67q3Wkl" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zT9WreVyfqFf" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zikWpdX0jis" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zjsdaYvCRRV9" 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_zCDg2406Ydye" 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_zkDjEcUfAPHa" 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_z3Ks7kKAkmak" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zTVPXI2XW8X5" 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 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--LiquidityRisksMember_zEVdmw7EQGk9" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z07dqfDsqPW8" 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_z0TMo0l69SRh" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_ziPUvakysc0b" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zAPGTIFLieaa" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zs5hvTlvDiD5" 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_zLbBuuH9dmz1" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zSFrODfgPR64" 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 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_zKbhSzLyow98" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zj7bFo7wn3wd" 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_zSt0gpkQKcXg" 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_z3EsdNfQTFU6" 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> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zpEYK2PkkZQ1"></span></div> Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zfbLj4nLZj89" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000101005Member_zu4YC5u268M3">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000101005Member_zCawiD19ljRl">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101005Member_zIVnY4zo7HOj">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101005Member_zjUbmdYZAUr5">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 LONG PAAS ETF – FUND SUMMARY Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z931zKCIDQ6h" 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 Pan American Silver Corp. (NYSE: PAAS). 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_A8A_eoef--ExpenseNarrativeTextBlock_z0zY7az5IXO4" 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_zySjaV4I7Bb9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zXraXr79f1h3" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101006Member_zgsC0U2x2UA1" style="border-bottom: black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F64_zVeXw2vTytw9">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270932Member_ze4miWpoaxD2" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zYNpxfN2EVld" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zeKbYeOzcKOc" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zCLWPQ8BwGl8" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses<sup id="xdx_F48_zALQ2O3A84T3">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zKpZfML2H9Eg" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F41_zeJgOQVgm5mk">(3)</sup></td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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_F09_zDZlrRPe0PRh">(1)</sup></td><td id="xdx_F1A_zBCb3MzfauDg" 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_F0E_z3KqWzyEbiPh">(2)</sup></td><td id="xdx_F1A_zhI2WLz73Mq9" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000101006Member_zh6iKuidjfxk">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_F0D_zDhsu0Kek1Gb">(3)</sup></td><td id="xdx_F12_zcSZip0ziEZ4" 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> 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_A82_eoef--ExpenseExampleNarrativeTextBlock_zHqTGrS1xP3c" 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_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmqvZ4DYW5p8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z8cqNEhUNqXd" 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_z2zJPG3F2aYl" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zDAzoNDtdMP1" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270932Member_zAeYr1FZh83l"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zP6p7nAZZTNe" 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 has not yet commenced operations, 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_zMTXIvEJBkS4" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000101006Member_zqRJcaGN5wml">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">Pan American Silver Corp. (“PAAS”)</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">Pan American Silver Corp is principally engaged in the operation and development of, and exploration for, silver and gold producing properties and assets. Its principal products are silver and gold, although it also produces and sells zinc, lead, and copper. As of December 31, 2025, PAAS operated mines and developed mining projects in Mexico, Peru, Canada, Argentina, Brazil, Chile and Bolivia, and had control over non-producing assets in each of those jurisdictions, in addition to Guatemala and the United States. Per PAAS’ most recent 40-F filing, PAAS had 421,847,046 Common Shares outstanding as of December 31, 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">PAAS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by PAAS pursuant to the Exchange Act can be located by reference to SEC file number 001-41683 through the SEC’s website at www.sec.gov. In addition, information regarding PAAS 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 PAAS or other securities of PAAS. The Fund has derived all disclosures contained in this document regarding PAAS 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 PAAS. 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 PAAS 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 PAAS (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 PAAS 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 PAAS.</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 PAAS. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY PAAS.</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, PAAS has not participated in the development of the Fund’s investment strategy. PAAS does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. PAAS 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 PAAS.</p> <p style="font: 10pt Times New Roman, 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 PAAS 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, PAAS is assigned to the metals and mining 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PaasRisksMember_zJR0odCM6M21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PAAS Risks.</b> The Fund invests in swap contracts and options that are based on the share price of PAAS. This subjects the Fund to certain of the same risks as if it owned shares of PAAS, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of PAAS, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInPaasRiskMember_zrDUrX8h9in7"></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 PAAS Risk. </i>PAAS 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 PAAS but will be exposed to the performance of PAAS (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from PAAS 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PaasTradingRiskMember_zIpxrdxhTiW3"></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>PAAS Trading Risk. </i>The trading price of PAAS may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence PAAS’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence PAAS’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 PAAS’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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PaasPerformanceRiskMember_zduSrvHmxp1f"></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>PAAS Performance Risk. </i>PAAS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of PAAS to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance PAAS provides may not ultimately be accurate. If PAAS’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 PAAS could decline significantly.</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> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MetalsAndMiningIndustryRiskMember_zjbdkid9HDkf"></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>Metals and Mining Industry Risk</i>. The majority of PAAS’ revenue is derived from the sale of silver, gold, zinc, copper and lead, and therefore fluctuations in the prices of these metals significantly affects its operations and profitability. Its sales are directly dependent on metal prices, and metal prices have historically shown significant volatility and are beyond its control. The prices of silver, gold, and other metals are affected by numerous factors beyond its control, including: global and regional levels of supply and demand; sales by government holders and other third parties; metal stock levels maintained by producers and others; increased production due to new mine developments and improved mining and production methods; speculative activities; inventory carrying costs; availability, demand and costs of metal substitutes; international economic and political conditions; interest rates, inflation and currency values; the emergence of cryptocurrencies as a store of value and hedge against inflation in competition with precious metals; increased demand for silver, gold, or other metals for new technologies; and reduced demand resulting from obsolescence of technologies and processes utilizing silver, gold, and other metals. </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--InternationalBusinessRisksMember_zKCisJztFuJ1"></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>International Business Risks.</i> In 2025, a significant portion of PAAS’ production and revenues were derived from its operations in Peru, Mexico, Argentina, Chile, Brazil, and Bolivia. As a result, PAAS is exposed to a number of risks and uncertainties, including: expropriation, nationalization, and the cancellation, revocation, renegotiation, or forced modification of existing contracts, permits, licenses, approvals, or title, particularly without adequate compensation; changing political and fiscal regimes and administration, including with respect to taxation, sometimes unexpectedly or as a result of precipitous events, and economic and regulatory instability; unanticipated adverse changes to constitutional rights and protections, and other laws and policies, including those relating to mineral title, royalties and taxation; delays or inability to obtain or maintain necessary permits, licenses or approvals; opposition to mine development projects from governments, Indigenous peoples, communities, and other groups, which may include frivolous or vexatious claims, misinformation, and the potential for violence and property damage; restrictions on foreign investment; limitations on repatriation of operating cash flows, including currency controls and other legal and practical restrictions to transfer funds from foreign jurisdictions; extreme fluctuations in currency exchange rates and restrictions on foreign exchange; unreliable or undeveloped infrastructure; labour unrest and scarcity; human rights violations, which may include Indigenous rights claims and instances of forced or child labour unknowingly employed in its supply chain; inability of governments or governmental bodies to complete, or properly complete, consultation processes and to comply with national and international laws, protocols, standards and/or norms; difficulty obtaining key equipment and components for equipment; regulations and restrictions with respect to imports and exports; high rates of inflation; inability to obtain fair dispute resolution or judicial determinations because of bias, corruption or abuse of power; abuse of power of foreign governments who impose, or threaten to impose, fines, penalties or other similar mechanisms, without regard to the rule of law; difficulties enforcing judgments, particularly judgments obtained in Canada or the United States, with respect to assets located outside of those jurisdictions; difficulty understanding and complying with the regulatory and legal framework with respect to mineral properties, mines and mining operations, and permitting; violence and criminal activity, including organized crime, theft, trespassing, and illegal mining; application of, and impacts from, the implementation of the Global Minimum Tax (Pillar Two) advocated by the Organization of Economic Co-operation and Development; civil unrest, terrorism and hostage taking; government, union and community pressures to maintain unprofitable operations; military repression and increased likelihood of international conflicts or aggression; and increased public health concerns, including the impact of pandemics.</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--TitleToAssetsRiskMember_zRDcVq6w4Imb"></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>Title to Assets Risk</i>. The validity of mining or exploration titles or claims or rights, which constitute most of PAAS’ property holdings, can be uncertain and may be contested. Properties may be subject to prior unregistered liens, agreements or transfers, Indigenous land claims, or undetected title defects. No assurance can be given that applicable governments will not revoke or significantly alter the conditions of the applicable exploration and mining titles or claims, or that such exploration and mining titles or claims will not be challenged or impugned by third parties. PAAS may be unable to operate our properties as expected, or to enforce its rights to its properties. Any defects in title to its properties, or the revocation of its rights to mine, could have a material adverse effect on its operations and financial condition.</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--RegulatoryRiskMember_znoQtdKsuqB4"></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 Risk</i>. PAAS is subject to environmental laws and regulation in the various jurisdictions in which it operates that impose requirements or restrictions on its activities, such as mine development, water management, use of hazardous substances, reclamation, and waste transportation, storage and disposal. Compliance with environmental laws and regulations may require significant costs and may cause material changes or delays in operations. There is no assurance that PAAS will be in full compliance with environmental legislation at all times. Failure to comply with applicable environmental legislation could lead to adverse consequences.</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--ForeignIssuerRiskMember_z04cvgfC5r2j"></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>Foreign Issuer Risk</i>. PAAS is a Canadian company. Because the Fund has indirect exposure to a foreign company, the Fund may be subject to risks associated with foreign investments.</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--CurrencyRiskMember_zM20CrsVQQ3f"></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: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Currency Risk</i>. Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</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--ForeignSecuritiesRiskMember_zX1y6Dm0JCK6"></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: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Foreign Securities Risk.</i> Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.</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 id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zlVtHShSlu8b" 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_z2MBNcuLNLBa" 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">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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 24%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top; text-align: right"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 48.22%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 57.19%. The Underlying Security’s annualized performance during this period was 9.40%. 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zeO7BFc20nU7" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zV5RzRrpBcta" 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_zuPdgNHbHpVj" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zEWUfpxdGFB7" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z5d0i81K4SC2" 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_zJFLq1kk5w8h" 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_zy3a5KNF7DRl" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z9kr66uDO57l" 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_zkZ9s6nnYFa3" 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--EtfRisksMember_znWdTZ1V9a06" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z778eDRBctb3" 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_z5XAQZYpI0ci" 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_zLoHHfIAYPhk" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zTDt3vlLpIWh" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zdqGGqT21CTg" 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_zwHqoset6rMg" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z1P29Iqkdxjk" 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_zj34atahJ4X2" 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_zBJcFzPOefu1" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zj0EmMSS3vE1" 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_z0Ygkhd8FUZd" 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--NewFundRiskMember_z11cG4hnylLh" 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_zzyvnSKvT922" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zNSGpLF5dHw6" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zqyBba40Bk58" 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_z0v3lx0EjeD6" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zvURa8n1xLEe" 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> <div style="display: none"><span id="xdx_911_exdx--NextElement_zzm6gnL7GAr5"></span></div> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zTXOgLzYxAK9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000101006Member_zLFPCeSzTIm2">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000101006Member_zPuuo3hbuZK9">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101006Member_zDMYtWi2hQd4">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101006Member_zPt66vloiI6k">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 LONG PATH ETF – FUND SUMMARY Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zFfD2xo1aWL5" 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 UiPath, Inc. (NYSE: PATH). 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_zj8C0z7kPE5l" 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_z8AnKeuG0Ah8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z2AIFQ1eyB52" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101007Member_zQJRiyupMstl" style="border-bottom: black 1pt solid; width: 92%"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zzaqpnhPWwba">(1</sup></b>⁾(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: justify"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270933Member_zOH9C8zYceR6" style="border-bottom: black 1pt solid; width: 5%"> </td> <td style="border-bottom: black 1pt solid; width: 1%; text-align: justify"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zPMNlZcl4Tvj" style="vertical-align: bottom"> <td>Management Fee</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">1.29</td> <td style="text-align: justify">%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJqTsdhoxZL" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">None</td> <td style="text-align: justify"> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zqFSFesb6p06" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; padding-top: 2pt">Other Expenses<sup id="xdx_F45_z8lGuD5s97He">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: black 1pt solid; text-align: justify">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zM9p8vGIfsXb" style="vertical-align: bottom"> <td style="padding-top: 2pt">Total Annual Fund Operating Expenses<sup id="xdx_F49_zyKu6dl3WqT8">(3)</sup></td> <td style="text-align: justify"> </td> <td style="border-bottom: black 1.5pt double; text-align: justify"> </td> <td style="border-bottom: black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: black 1.5pt double; text-align: justify">%</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_F05_zIDhRmrAOMN1">(1)</sup></td><td id="xdx_F10_zCliHPSLN6K" 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_F00_zAdx4AMQRepl">(2)</sup></td><td id="xdx_F11_zAs3jVglhaGf" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000101007Member_z3J2BugTgEo5">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_ztr6C2K2rxt5">(3)</sup></td><td id="xdx_F1E_zrN1qH0Ts7C9" 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> 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_A84_eoef--ExpenseExampleNarrativeTextBlock_zDZiJCNRTSD8" 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_zEPhI5DH3zVk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zMGb34JFpHHh" 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_zgobHUNBJzO3" style="border-top: Black 1pt solid; width: 49%; text-align: center"><b>1 Year</b></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zGeNFhn1i7f9" style="border-top: Black 1pt solid; width: 51%; text-align: center"><b>3 Years</b></td></tr> <tr> <td> </td> <td> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270933Member_zlCm7KcJcg99"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zrzN47If1fOk" 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 has not yet commenced operations, 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_zzq4Y0JVWSU8" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000101007Member_zFCvPOchhTn7">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">UiPath, Inc. (“PATH”)</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">First established in a Bucharest, Romania apartment in 2005, UiPath was incorporated in Delaware in 2015 as a company principally focused on building and managing automations, starting with computer vision technology and user interface automations in its initial robotic process automation (RPA) offering, which remains the foundation of its platform today. Over the course of the past several years, UiPath has followed a strategy of leveraging advances in AI to broaden its automation capabilities and have expanded, through both internal product development and strategic acquisitions, from RPA as a tool to automation as a platform.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Per PATH’s most recent 10-K filing, the aggregate market value of voting stock held by non-affiliates on July 31, 2025, based on the closing price of $11.75 for shares of Class A common stock as reported by the New York Stock Exchange on July 31, 2025 was approximately $4.8 billion. PATH is listed on the New York Stock Exchange (“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">PATH is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by PATH pursuant to the Exchange Act can be located by reference to SEC file number 001-40348 through the SEC’s website at www.sec.gov. In addition, information regarding PATH 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 PATH or other securities of PATH. The Fund has derived all disclosures contained in this document regarding PATH 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 PATH. 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 PATH 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 PATH (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 PATH 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 PATH.</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 PATH. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY PATH.</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, PATH has not participated in the development of the Fund’s investment strategy. PATH does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. PATH 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 PATH.</p> <p style="font: 10pt Times New Roman, 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 PATH 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, PATH 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--PathRisksMember_zOadjfkAq1Eh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PATH Risks.</b> The Fund invests in swap contracts and options that are based on the share price of PATH. This subjects the Fund to certain of the same risks as if it owned shares of PATH, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of PATH, 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--IndirectInvestmentInPathRiskMember_zB2Y1TdC9g5e"></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 PATH Risk. </i>PATH 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 PATH but will be exposed to the performance of PATH (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from PATH 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--PathTradingRiskMember_zCtiOvYAafxd"></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>PATH Trading Risk.</i> The trading price of PATH may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence PATH’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence PATH’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 PATH’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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PathPerformanceRiskMember_zmqinTwTbzX8"></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>PATH Performance Risk. </i>PATH may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of PATH to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance PATH provides may not ultimately be accurate. If PATH’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 PATH 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_zFx1OFWUqi63"></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 style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRiskMember_zAjnr6UBD9bg"></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>Operations Risk</i>. PATH derives and expects to continue to derive substantially all of its revenue from its UiPath Platform™. As such, market adoption of its automation platform is critical to its continued success. Demand for its platform may be affected by a number of factors, many of which are beyond its control, including continued market acceptance and integration of the platform into the customers’ operations; the continued volume, variety, and velocity of automations that are generated through use of the platform; timing of development, and release of new offerings by competitors; technological change, including in the areas of AI and ML systems, and the rate of growth in its market.</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--ArtificialIntelligenceRiskMember_zvDxIFaWoPBb"></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>Artificial Intelligence Risk</i>. The markets and use cases for products with AI capabilities have been rapidly evolving, are difficult to predict, and may impact demand for products, sales cycles, ability to forecast results from sales of these products, and the preferences of customers and potential customers. The significant investments PATH has made to develop products and software to address what it believes will be increasing demand for AI capabilities may be insufficient, and the company may face significant hurdles, including whether demand will materialize, whether third-party software providers will develop functionality that allows their software to utilize the AI capabilities of PATH’s products, and whether the company will be successful in developing, pricing, and packaging products that can compete with offerings by established competitors. Additionally, use of AI technology in general may subject us to reputational, financial, legal, or regulatory risks.</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--DataPrivacyAndCybersecurityRiskMember_z9iMtCjGhONd"></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>Data Privacy and Cybersecurity Risk</i>. PATH and third parties with whom it does business are subject to stringent and evolving U.S. and foreign laws, regulations, and rules, contractual obligations, industry standards, policies, and other obligations related to data privacy and security. PATH’s actual or perceived failure to comply with such obligations could lead to adverse business consequences, including regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines and penalties; business disruptions; reputational harm; loss of revenue or profits; and loss of customers or sales.</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--IntellectualPropertyRisksMember_zTY746j4cj08"></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>Intellectual Property Risks</i>. Any failure to obtain, maintain, protect, or enforce PATH’s intellectual property and proprietary rights could impair its ability to protect its proprietary technology and its brand. PATH’s success depends to a significant degree on its ability to obtain, maintain, protect, and enforce intellectual property rights, including its proprietary technology, know-how, and brand. PATH may not be able to protect its intellectual property rights if, for example, it is unable to enforce its rights against infringement or misappropriation, or if it does not detect unauthorized use of our intellectual property rights. If PATH fails to protect its intellectual property rights adequately, its competitors may gain access to its proprietary technology and develop and commercialize substantially identical products, services, or technologies, and business, financial condition, results of operations, or growth prospects may be harmed.</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--InternationalBusinessRisksMember_z8PN59GfdSWd"></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>International Business Risks</i>. PATH has sales, product, and engineering operations in many countries, and some of its business activities are concentrated in one or more geographic areas. Moreover, sales outside the U.S. accounted for 54% of the company’s revenue for fiscal year 2026. As a result, PATH’s operations and its financial results, including its ability to execute its business strategy, design, develop, or sell products, and the demand for its products, are at times adversely affected by a number of global and regional factors outside of its control.</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--DualClassCommonStockRiskMember_zyYD7hT89PA1"></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>Dual Class Common Stock Risk</i>. The dual class structure of PATH’s common stock has the effect of concentrating voting control with Daniel Dines, Chief Executive Officer, co-founder, and Chairman of PATH, which will limit stockholders’ ability to influence the outcome of important decisions.</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--OperatingLossRiskMember_zO12i3fphYn"></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"><span style="font-family: New Roman, Times, Serif">●</span></td><td style="text-align: justify"><i>Operating Loss Risk.</i> PATH incurred net losses in the past and may not sustain consistent profitability. PATH expects to continue to incur significant operating expenses in the foreseeable future, including leveraging the investments made in its organization in prior years and continuing to implement initiatives designed to grow its business in a disciplined manner. These efforts may prove more expensive than PATH currently anticipates, and it may not succeed in increasing its revenue sufficiently, or at all, to offset these higher expenses and sustain profitability.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zlcXhOi8P4if" 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 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_za8ZiglCkWC4" 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">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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 28%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 64.16%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 72.60%. The Underlying Security’s annualized performance during this period was -30.67%. 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_z8JcDTg0GXP4" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zTxBBMM8QT2k" 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 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_z5NO7LFkaW0h" 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_zQZ5Y5CjOCcf" 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_zTzh9dHQYzue" 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 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--CounterpartyRiskMember_zsfSJIHSZJkj" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zVaoYGTUivZ5" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z9KtldtvXgCi" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zQPkmfIudsq7" 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_zrsDQR4DjMCa" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zNuaA0nzQH8a" 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 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_zVORU6tTqZhd" 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_zg7MddtZy6nd" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zL0QCQ5OwWy6" 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_zXF7qjWUMBh4" 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_zjdwPourSeO6" 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_z26vfFI1WcHl" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zbYd3l5lG6ff" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z8o0ePXebynj" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zPK7In2Do2Zk" 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_zR7Md3b8G3d" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zQrXVF4optU" 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_zSVYqCzmLiXd" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zOCgm7AzejH4" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zjM4JzectDUl" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zftlL1ApMmGf" 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 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_zcSV5nOnSoJ6" 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> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z4l1QuPnFZS5"></span></div> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z0rz4XAuEFz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000101007Member_zZjFikBKAxbk">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000101007Member_zchwCexKQx6c">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101007Member_zjFY5CnYDPG9">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101007Member_zNjJls06V0Le">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 LONG POET ETF – FUND SUMMARY Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zH2Zo2nEE00c" 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 Poet Technologies Inc. (NASDAQ: POET). 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_A86_eoef--ExpenseNarrativeTextBlock_ze43zl2vU8j3" 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_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zJfALG7eFp24"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zN5FTIs9PQj3" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100998Member_zzTTCxLaY8k1" style="border-bottom: Black 1pt solid; width: 92%"><b>Annual Fund Operating Expenses<sup id="xdx_F65_zIlV9c4ZUKpf">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270924Member_zj1avnnGFW6d" style="border-bottom: Black 1pt solid; width: 5%; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zKkw4A7AKB2k" style="vertical-align: bottom"> <td>Management Fee</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSLq5GW7bYba" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zMwDSIlrtu99" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F48_zaE4yFD3Gd14">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zbc8M84nLYWb" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F48_z9EQgr8im9d8">(3)</sup></td> <td style="text-align: justify"> </td> <td style="border-bottom: Black 1.5pt double; text-align: justify"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F05_z1r06erfK5Rj">(1)</sup></td><td id="xdx_F11_zzyvauBD5VL6" 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_F06_zeQDCE9W2AMi">(2)</sup></td><td id="xdx_F13_zMAwMhnZQLWk" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100998Member_zlL54ITADTc6">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_F0A_zTv7E6yS9q97">(3)</sup></td><td id="xdx_F15_z8PL5YNvrEN2" 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> 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_z5hRMPjWQNX4" 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_z53DzM1zS2Zc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zg0AOaC3neU1" 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_znDKvMSWiqF5" style="border-top: Black 1pt solid; width: 49%; text-align: center"><b>1 Year</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zaLUNOjfZ3F9" style="border-top: Black 1pt solid; width: 51%; text-align: center"><b>3 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270924Member_zXnJjflkkhMb"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zWHOPLavc0G5" 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 recently commenced operations on April 30, 2026, 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_zokFFWFo4RG1" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100998Member_zoD9MRHyDt72">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">Poet Technologies Inc. (“POET”)</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">POET is a Canada-based design and development company offering photonic integrated packaging solutions based on the POET Optical Interposer™ (“Optical Interposer”), a novel platform that allows the seamless integration of electronic and photonic devices onto a single chip using advanced wafer-level semiconductor manufacturing techniques. Per POET’s most recent 20-F filing, the company had 132,290,739 common shares outstanding as of December 31, 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">POET 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 POET pursuant to the Exchange Act can be located by reference to SEC file number 001-41319 through the SEC’s website at www.sec.gov. In addition, information regarding POET 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 POET or other securities of POET. The Fund has derived all disclosures contained in this document regarding POET 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 POET. 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 POET 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 POET (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 POET 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 POET.</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 POET. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY POET.</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, POET has not participated in the development of the Fund’s investment strategy. POET does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. POET 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 POET.</p> <p style="font: 10pt Times New Roman, 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 POET 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, POET is assigned to the semiconductors and semiconductor 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PoetRisksMember_zLpkwOka4xf9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>POET Risks.</b> The Fund invests in swap contracts and options that are based on the share price of POET. This subjects the Fund to certain of the same risks as if it owned shares of POET, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of POET, 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--IndirectInvestmentInPoetRiskMember_zukko7FAJjU4"></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 POET Risk. </i>POET 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 POET but will be exposed to the performance of POET (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from POET 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PoetTradingRiskMember_zc7j5VmmZxUc"></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>POET Trading Risk. </i>The trading price of POET may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence POET’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence POET’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 POET’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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PoetPerformanceRiskMember_z2pgOstjyLg"></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>POET Performance Risk. </i>POET may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of POET to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance POET provides may not ultimately be accurate. If POET’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 POET 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorsIndustryRisksMember_zKoxBirpypDg"></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>Semiconductors Industry Risks</i>. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor and display and related industries have historically been cyclical and are subject to volatility in customer demand.</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> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperatingLossHistoryMember_zLn8lKdPMOx6"></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>Operating Loss History</i>. POET has a history of large operating losses. The company has historically incurred losses and negative cash flows from operations since its inception. As of December 31, 2025, POET had an accumulated deficit of approximately $297,000,000. POET may not be able to achieve or sustain profitability in the future and as a result may not be able to maintain sufficient levels of liquidity.</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--FablightStrategyRiskMember_ziC7sSCaBPNf"></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>“Fab-light” Strategy Risk</i>. POET has divested its major operating asset and adopted a “fab-light” strategy, under which it plans to focus on the Optical Interposer as its main business. A “fab-light” strategy is where a company owns some internal chip manufacturing capabilities (“fabs”) for specialized or high demand products, while simultaneously outsourcing a significant portion of its less critical or leading-edge chip production to third parties. There are substantial risks associated with the adoption of a “fab-light” strategy, including the loss of revenue associated with the divested operation, the loss of control over an internal development asset, and the loss of key technical knowledge available from personnel who will no longer be employed by the company, many of whom the company may have to replace. There is no guarantee that this approach to operating a company will be successful. Further, POET’s strategy will be solely dependent on the future market acceptance and sale of Optical Interposer-based solutions, which in some cases are neither fully developed nor in qualification stages. There can be no assurance that POET will be successful in addressing these or any other significant risks we may encounter in the adoption of a “fab-light” strategy or the focus of its business solely on the Optical Interposer.</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--TechnologyRiskMember_zZt6jx3jdKV"></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 Risk</i>. The development of new, technologically advanced products is a complex and uncertain process requiring frequent innovation, highly-skilled engineering and development personnel and significant capital, as well as the accurate anticipation of technological and market trends. There is no assurance that the company will be able to identify, develop, manufacture, market or support new or enhanced products successfully or on a timely basis. Further, there is no assurance that new products will gain market acceptance or that the company will be able to respond effectively to product introductions by competitors, technological changes or emerging industry standards. POET also may not be able to develop the underlying core technologies necessary to create new products and enhancements, license these technologies from third parties, or remain competitive in its markets.</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--LimitedOperatingHistoryMember_z6SRBY5JvY9"></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</i>. The current target market for the Optical Interposer-based optical engine is the data center market for data communications within the data center and beyond. POET has limited experience in selling products in this market. It may not be successful in developing a product for this market and even if it does, it may never gain widespread acceptance by large data center operators. If POET’s expectations for the growth of the data center / datacom market are not realized, its financial condition or results of operations may be adversely affected.</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--ThirdPartySupplierRiskMember_zuGfKbT2m6b1"></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>Third Party Supplier Risk</i>. POET depends on a limited number of suppliers in the operation of its business. Some of these suppliers are sole source suppliers. POET typically has not entered into long-term agreements with its suppliers. As a result, these suppliers generally may stop supplying materials and other components at any time. POET’s reliance on a sole supplier or limited number of suppliers could result in delivery problems, reduced control over technology development, product development, pricing and quality, and an inability to identify and qualify another supplier in a timely manner.</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--InternationalBusinessRisksMember_z4xSL1s1IUnj"></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>International Business Risks</i>. POET has significant tangible assets located outside Canada and the United States. Conducting business outside Canada and the United States subjects the company to a number of additional risks and challenges, including: periodic changes in a specific country’s or region’s economic conditions, such as recession; licenses, tariffs and other trade barriers; the provision of services may require export licenses; environmental regulations; certification requirements; fluctuations in foreign currency exchange rates; inadequate protection of intellectual property rights in some countries; preferences of certain customers for locally produced products; potential political, legal and economic instability, foreign conflicts, and the impact of regional and global infectious illnesses in the countries in which POET and its customers, suppliers and contract manufacturers are located; Canadian and U. S. and foreign anticorruption laws; seasonal reductions in business activities in certain countries or regions; and fluctuations in freight rates and transportation disruptions. These factors, individually or in combination, could impair POET’s ability to effectively operate one or more of its foreign facilities or deliver its products, result in unexpected and material expenses, or cause an unexpected decline in the demand for its products in certain countries or regions. </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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuerRiskMember_zfOKpedPhSFl"></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>Foreign Issuer Risk</i>. POET is a Canadian company. Because the Fund has indirect exposure to a foreign company, the Fund may be subject to risks associated with foreign investments.</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--CurrencyRiskMember_zNqLMFrjfpMk"></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: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Currency Risk</i>. Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zXEACoqRRyX2"></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: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Foreign Securities Risk.</i> Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.</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_z7tPgEAZH7P1" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z0Sw0IG2yGdi" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 31%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 105.41%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 144.72%. The Underlying Security’s annualized performance during this period was -2.22%. 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_zuoaIWrHkTVe" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zLJ1zodadjm1" 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 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_zbZN9PxAGlWf" 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_zAXCChu2G0va" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zmN7TYLR9F0c" 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 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_zhF0npK6pKO2" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z8qNAhOscqT3" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_za2FOzlgj156" 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_zWqlgPGlIyMl" 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_zjCGwXcu6YR4" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zVDt0M28ZjDh" 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 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_z4jPLDjf6TJj" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zqPRb0Wai485" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zhTFxtLCmjc7" 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_zfTLKeqccTMg" 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_zUtLkG95SZC7" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z4mSLS4Zpvfa" 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_zn11vYFUnAb6" 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 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_zhY2mBLIKpTh" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_ziSpvM2xLwxa" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zJc7saxIJlX6" 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--NewerFundRiskMember_zePML4vB25f5" 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 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z7yDpzoNWr7l" 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_zMUjp8V95kod" 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_z86f7FGkcre1" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zNHxSXoxkFP3" 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 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_z78bIEb4fa7d" 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> <div style="display: none"><span id="xdx_915_exdx--NextElement_zAUb0enEG6Td"></span></div> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_z35iF0MgO8i8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100998Member_zmKlBEIMQYce">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100998Member_zwVwLw2kYoR2">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100998Member_z3ogKzSMscD8">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100998Member_zyX993NO1BYf">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 LONG VISN ETF – FUND SUMMARY Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_z5mQTZdqRddi" 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 Vistance Networks, Inc. (Nasdaq: VISN). 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_A8A_eoef--ExpenseNarrativeTextBlock_zHqNbYoITBcb" 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_zmx2VWzlz4Ff"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zKo6Ufjn0bl4" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101002Member_z7xEd4nP9zo9" style="border-bottom: Black 1pt solid; width: 92%"><b>Annual Fund Operating Expenses<sup id="xdx_F6A_zQ1Le4RbUuhk">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270928Member_z9DfLd3OBu28" style="border-bottom: Black 1pt solid; width: 5%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zDcrstc6EcR2" style="vertical-align: bottom"> <td>Management Fee</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4ouKDytEXKj" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zx9rZIJogUG3" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F48_zes0BG06pbm7">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_ztKWdI1QeVEh" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F49_zmNmMIBBYj2d">(3)</sup></td> <td style="text-align: justify"> </td> <td style="border-bottom: Black 1.5pt double; text-align: justify"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F05_zDHPlj3ql291">(1)</sup></td><td id="xdx_F13_z55RZOsa3Ni4" 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_F0B_zXMUO4zMiykj">(2)</sup></td><td id="xdx_F15_zYSp4StEIPmc" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000101002Member_zqj1Mu23dB6e">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_F05_zP7JiLT0PZ1">(3)</sup></td><td id="xdx_F15_zJA7Mnjf0xj3" 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> 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_A89_eoef--ExpenseExampleNarrativeTextBlock_z2Bz875Fr2u7" 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_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJvgYkYChjr1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zRb7NRKVXj64" 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_48C_eoef--ExpenseExampleYear01_zfhQNN8Cozbc" style="border-top: Black 1pt solid; width: 49%; text-align: center"><b>1 Year</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_z6c7H2roNw7d" style="border-top: Black 1pt solid; width: 51%; text-align: center"><b>3 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270928Member_zbg6Ksp5Oyxl"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> 133 415 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_z5xS0hqOVtVj" 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 has not yet commenced operations, 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_zOpArisAZw27" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000101002Member_zgJRSO8zlCR9">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">Vistance Networks, Inc. (“VISN”)</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">Vistance Networks, Inc. (formerly known as CommScope Holding Company, Inc.) was incorporated in Delaware on October 22, 2010, and the initial public offering for its common stock was on October 25, 2013. Since VISN’s founding as an independent company in 1976, it has consistently played a significant role in many of the world’s leading communication networks. VISN is a global provider of infrastructure solutions for communication, data center and entertainment networks. VISN’s solutions for wired and wireless networks enable service providers, including cable, telephone and digital broadcast satellite operators and media programmers, to deliver media, voice, Internet Protocol (IP) data services and Wi-Fi to their subscribers and allow enterprises to experience constant wireless and wired connectivity across complex and varied networking environments. VISN is a leader in digital video and IP television (IPTV) distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes including fiber to the home technologies (FTTH). VISN is listed on The Nasdaq Capital Market (“NASDAQ”). Per VISN’s most recent 10-K filing, the aggregate market value of shares of common stock held by non-affiliates of VISN was approximately $1,781.6 million as of June 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">VISN is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with VISN SEC by VISN pursuant to the Exchange Act can be located by reference to SEC file number 001-36146 through the SEC’s website at www.sec.gov. In addition, information regarding VISN 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 VISN or other securities of VISN. The Fund has derived all disclosures contained in this document regarding VISN 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 VISN. 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 VISN 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 VISN (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 VISN 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 VISN.</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 VISN. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY VISN.</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, VISN has not participated in the development of the Fund’s investment strategy. VISN does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. VISN 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 VISN.</p> <p style="font: 10pt Times New Roman, 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 VISN 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, VISN 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--VisnRisksMember_z3rqfWQ8fEv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>VISN Risks.</b> The Fund invests in swap contracts and options that are based on the share price of VISN. This subjects the Fund to certain of the same risks as if it owned shares of VISN, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of VISN, 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--IndirectInvestmentInVisnRiskMember_zYXD27Kv6B86"></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 VISN Risk. </i>VISN 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 VISN but will be exposed to the performance of VISN (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from VISN 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--VisnTradingRiskMember_ze8CKld43urg"></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>VISN Trading Risk. </i>The trading price of VISN may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence VISN’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence VISN’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 VISN’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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--VisnPerformanceRiskMember_z6BAKFmyjKw2"></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>VISN Performance Risk. </i>VISN may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of VISN to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance VISN provides may not ultimately be accurate. If VISN’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 VISN could decline significantly.</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> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationsEquipmentIndustryRisksMember_zj13eLTh9zSh"></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>. Failure to obtain, or delays in obtaining, financing or regulatory approval, intense competition, product compatibility, consumer preferences, corporate capital expenditures, and rapid obsolescence can significantly affect the communications equipment industry. 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 competition with alternative 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> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksRelatingToRelianceOnThirdPartiesMember_z5D1ZtESkFGj"></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>Risks Relating to Reliance on Third Parties. </i>VISN’s performance is dependent on third parties’ capital spending for constructing, rebuilding, maintaining or upgrading data, communication and entertainment networks, which can be volatile and difficult to forecast. Capital spending in the communications industry is cyclical and can be curtailed or deferred on short notice. VISN experienced a decrease in customer capital spending in 2024, which negatively impacted its results of operations, and while it experienced an increase in customer demand in 2025, VISN may continue to experience significant fluctuations in sales and operating income due to the volatility in its industry.</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--RegulatoryRisksMember_z3Vhu0DWngdf"></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 Risks.</i> The telecommunications and cable television industries are subject to significant and changing federal and state regulation, both in the U.S. and other countries. Many of VISN’s customers, such as internet service providers, are subject to various rules and regulations, and changes to such rules and regulations could adversely impact its customers’ decisions regarding capital spending. VISN’s, as well as some of its customers, also participate in and benefit from government funded programs that encourage the development of network infrastructures such as the Infrastructure Investment and Jobs Act (IIJA), Rural Digital Opportunity Fund (RDOF) and American Rescue Plan Act (ARPA). Changes in government programs in the industry or uncertainty regarding future changes could adversely impact its customers’ decisions regarding capital spending, which could decrease demand for VISN’s products and could materially and adversely affect its business, financial condition, results of operations, cash flows and stock price.</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--CommodityPriceRisksMember_zZc06BRlFlYg"></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>Commodity Price Risks.</i> VISN’s is dependent on certain raw materials and components linked to the commodity markets, and its profitability may be materially affected by changes in the market price. The principal raw materials and components we purchase are aluminum, copper, steel, bimetals, optical fiber, plastics and other polymers, capacitors, memory devices and silicon chips. Prices for aluminum, copper, steel, silicon, fluoropolymers and certain other polymers have experienced significant volatility in the past as a result of changes in the levels of global demand, supply disruptions, including port, transportation and distribution delays or interruptions, and other factors.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SupplierRisksMember_zal7izrNVmgf"></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>Supplier Risks.</i> VISN’s utilizes a limited number of key suppliers for logistics support of certain of its raw material and component purchases, including certain semiconductors, memory and chip capacitors, polymers, copper rod, copper and aluminum tapes, fine aluminum wire, steel wire, optical fiber, circuit boards and other electronic components, subassemblies and modules. Certain of its suppliers are sole source suppliers, and a number of its agreements with suppliers are short-term in nature. VISN’s reliance on sole or limited suppliers and its reliance on subcontractors involves several risks, including a potential inability to obtain an adequate supply of required materials, components and other products, and reduced control over pricing, quality, terms and conditions of purchase and timely delivery.</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_zlF4qNOJRwFi" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zEDMsRfkeYqj" 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"> </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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 31%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Security’s five-year annualized historical volatility rate for the period ended June 30, 2026 was 10.71%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 16.98%. The Underlying Security’s annualized performance during this period was 1.48%. 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_zE8WddsoaAta" 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_z4RsVc21SJD4" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zeiKPUyiPn09" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zA37MCBkVF5" 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"> </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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zO7sP0g9phak" 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_zYIz9k9CoiZ2" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zS2411mzdG11" 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 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_zIsaL9hewWY9" 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_zgVRijvlM2wi" 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_zzxdoaFgu2T2" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zNRwJ9UQKJM4" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zX3bhaUnbkb6" 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_z2t7VwH91BPk" 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_zKOMQ0BQgKUf" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zqb9spoELNn9" 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 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_z43m8g7nUip5" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z8jw9xlIANE5" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zyuc1W48xpG2" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_ztJtQpU2Miyd" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zmqQRtyhDa3" 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_zVPqJ42Mcrna" 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--NewFundRiskMember_zBzRzrvyCiU4" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zPuRgurj9U16" 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 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_zBGMbNu7HhId" 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_zYF3NSC6Q2Yj" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zzGOZsxCs3Uj" 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_z7CwMqUlrhL4" 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> <div style="display: none"><span id="xdx_916_exdx--NextElement_zgXZHdqdBPj"></span></div> Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zNhI568pPMO" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000101002Member_zmeAEQATRMhf">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000101002Member_zSLqt4J7nB4a">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101002Member_z4A36UEdrcI5">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000101002Member_zWsus40n30r6">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 LONG AMKR ETF – FUND SUMMARY Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zK2uLDcuA8Ce" 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 Amkor Technology, Inc. (Nasdaq: AMKR). 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_zruAXQ2Kda33" 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_z0u1WI01mVW2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zLtQGcoxZ8Le" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100996Member_z0opSApvf8U6" style="border-bottom: Black 1pt solid; width: 92%"><b>Annual Fund Operating Expenses<sup id="xdx_F63_zaT1ZeRNWXea">(1) </sup></b>(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000270922Member_zmo7LE7URSqh" style="border-bottom: Black 1pt solid; width: 5%; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z2wikqGAhFo7" style="vertical-align: bottom"> <td>Management Fee</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOVbz5USk5i9" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zg5FyS5Jtgnj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F4A_z3DGF1JR4xp5">(2)</sup> (includes interest expense)  </td> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zPjsIa0zvOC3" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F40_z90Kp2baGGI8">(3)</sup></td> <td style="text-align: justify"> </td> <td style="border-bottom: Black 1.5pt double; text-align: justify"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F01_znJxcq2VvkUj">(1)</sup></td><td id="xdx_F12_zja0EKvdFu5k" 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_F04_zeN708f4A0Q6">(2)</sup></td><td id="xdx_F1B_zjf6vAdVfa0j" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100996Member_zXjFWRrHg9T4">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_F0C_zbCehXXj4Xkj">(3)</sup></td><td id="xdx_F16_z6P5iORfEr3i" 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> 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_A84_eoef--ExpenseExampleNarrativeTextBlock_zyyNH8bl6J4h" 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_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_znDTvszeFoWd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z9CS1jOfDDek" 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_zxvHRU96BT48" style="border-top: Black 1pt solid; width: 49%; text-align: center"><b>1 Year</b></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zkF6hdkrxRpi" style="border-top: Black 1pt solid; width: 51%; text-align: center"><b>3 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000270922Member_zxk1hlZ1Y7qc"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</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_zyXutuMWWJ5l" 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 has not yet commenced operations, 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_zD7xoOrhhCs8" 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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100996Member_z9IgG22jtmxh">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">Amkor Technology, Inc. (“AMKR”)</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">Amkor Technology, Inc. is the world’s largest U.S. headquartered OSAT (outsourced semiconductor assembly and test) service provider. Since its founding in 1968, Amkor has pioneered the outsourcing of integrated circuit (“IC”) packaging and test services and is a strategic manufacturing partner for the world’s leading semiconductor companies, foundries, and electronics original equipment manufacturers (“OEMs”). Amkor provides turnkey manufacturing services for the communication, computing, automotive and industrial and consumer markets, including smartphones, data centers, artificial intelligence, electric vehicles and wearables. Amkor’s operational base includes production facilities, research and development centers and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the United States. AMKR is listed on The Nasdaq Global Select Market (“NASDAQ”). Per AMKR’s most recent 10-K filing, the aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of June 30, 2025, based upon the closing price of the common stock as reported by the Nasdaq Global Select Market on that date, was approximately $2,391 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">AMKR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by AMKR pursuant to the Exchange Act can be located by reference to SEC file number 000-29472 through the SEC’s website at www.sec.gov. In addition, information regarding AMKR 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 AMKR or other securities of AMKR. The Fund has derived all disclosures contained in this document regarding AMKR 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 AMKR. 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 AMKR 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 AMKR (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 AMKR 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 AMKR.</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 AMKR. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY AMKR.</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, AMKR has not participated in the development of the Fund’s investment strategy. AMKR does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. AMKR 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 AMKR.</p> <p style="font: 10pt Times New Roman, 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 AMKR 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, AMKR is assigned to the semiconductors and semiconductor 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmkrRisksMember_z3Q4rVgVfp03" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>AMKR Risks.</b> The Fund invests in swap contracts and options that are based on the share price of AMKR. This subjects the Fund to certain of the same risks as if it owned shares of AMKR, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of AMKR, 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInAmkrRiskMember_zT62OAHUmOW8"></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 AMKR Risk. </i>AMKR 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 AMKR but will be exposed to the performance of AMKR (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from AMKR 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--AmkrTradingRiskMember_zq9jGYOhSwR1"></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>AMKR Trading Risk. </i>The trading price of AMKR R may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence AMKR’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence AMKR’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 AMKR 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmkrPerformanceRiskMember_zR4bwtZtwF26"></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>AMKR Performance Risk. </i>AMKR may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of AMKR to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance AMKR provides may not ultimately be accurate. If AMKR’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 AMKR 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--SemiconductorsIndustryRisksMember_zLVIpxKuIN3c"></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>Semiconductors Industry Risks</i>. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor and display and related industries have historically been cyclical and are subject to volatility in customer demand.</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> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SupplierRisksMember_zRFHfbvdN3o4"></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>Supplier Risks. </i>AMKR obtains the materials and equipment required for the packaging and test services performed by its factories from various vendors. AMKR sources most of its materials, including critical materials such as leadframes, laminate substrates and gold wire, from a limited group of suppliers. A disruption to the operations of one or more of its suppliers could extend lead times for materials and equipment and have a negative impact on AMKR’s business. For example, the Covid-19 pandemic and resulting supply chain disruptions and economic turbulence created extended lead times for some materials and equipment, and furthermore, fire, severe weather, earthquakes, flooding and tsunamis in the past have impacted the supply of specialty chemicals, substrates, silicon wafers, equipment and other supplies to the electronics industry. AMKR’s business may be harmed if it cannot obtain materials and other supplies from its vendors in a timely manner, in sufficient quantities, at acceptable quality or at competitive prices or are unable to increase its prices sufficiently to recover inflationary price increases in materials or supplies.</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--RegulatoryRisksMember_zSek3BgTxOM5"></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 Risks.</i> In recent years, the U.S. Bureau of Industry and Security announced new export control regulations applicable to the sale of U.S. semiconductor technology in China (collectively, the “BIS Regulations”). The BIS Regulations and other similarly restrictive trade barriers adopted by U.S. and foreign governments applicable to the semiconductor supply chain could impact AMKR’s business and the businesses of its customers. These factors may have a material and adverse effect on AMKR’s business, liquidity, results of operations, financial condition and cash flows or lead to significant volatility in quarterly or annual operating results. In addition, these factors may materially and adversely affect AMKR’s credit ratings, which could make it more difficult and expensive for us to raise capital and could materially and adversely affect the price of our securities.</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--AutomotiveIndustryRisksMember_zb6Bmd1gstE4"></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>Automotive Industry Risks. </i>A significant portion of AMKR’s sales is to customers within the automotive industry. The automotive industry is cyclical, and, as a result, AMKR’s customers in the automotive end-market are sensitive to changes in general economic conditions, inflationary pressure, disruptive innovation and end-market preferences, which can adversely affect sales of AMKR’s products and, correspondingly, its results of operations. Lower sales to customers in the automotive end-market may have a material adverse effect on AMKR’s business and results of operations.</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_zKLqQpqcfT6l" 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_zjDoQdqkxNGf" 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"> </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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 31%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 8%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 52.88%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 67.19%. The Underlying Security’s annualized performance during this period was 29.49%. 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_z6efwjhIoLab" 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"> </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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zJvcUB4CHrId" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zyP55p0rrkdb" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zvBLd331eiwk" 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 id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z3zAIG3bM4Q7" 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_zLlfka3WG0Ib" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zM1bmfLkZZV7" 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_zjx9AGAC5RLj" 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 id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_znVuWVQssPIj" 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--EtfRisksMember_zQcSoHHBjpN7" 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_zYIdbqpPtnWd" 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_zWKDXwNwnU61" 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_zYqPbaPvMoS9" 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_zRsJKRti38d7" 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_z7vITqoUvX77" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zU9iGvPkjDo6" 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 id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zuPpr7wJ1Aoh" 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_z60EOpgJVhri" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zHtMp5w6v7i8" 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_zJHVNroywis7" 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_z6mcxXAO2sWi" 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--NewFundRiskMember_zygtIhbvCOzd" 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_zsn5dL85yNlb" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zguotJmq8Hwa" 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_zpF4uYAGGYVd" 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_z8Xtq0nP0tKf" 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_zRwAlTaomTic" 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> <div style="display: none"><span id="xdx_915_exdx--NextElement_z5TEF3F2b5pj"></span></div> Performance <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_ztzAatXcQLg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100996Member_z2nNNKq4ZAyd">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100996Member_zCTfcAzJbKih">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100996Member_zLh0TCO35WMh">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100996Member_zNjbqVrtxl65">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 LONG SOFI ETF – FUND SUMMARY Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_znSMLcDgSsH" 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 SoFi Technologies, Inc. (Nasdaq: SOFI). 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_zY6m3zZLWMu7" 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_zskYi0Mo0D11"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zDwDJ50W9qDe" 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: bottom"> <td colspan="2"> </td> <td> </td> <td> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000256584Member_zi5B51dFQaee" style="text-align: right"> </td> <td> </td></tr> <tr style="display: none; vertical-align: bottom"> <td colspan="5" id="xdx_988_eoef--OperatingExpensesCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000089804Member_zx28qMbNKjLa" style="border-bottom: black 1pt solid"><b>Annual Fund Operating Expenses<sup id="xdx_F68_ziIKNIFfXUCh">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z1TxBTAStdQl" style="vertical-align: bottom"> <td colspan="2">Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zN6EibkOzpFk" style="vertical-align: bottom"> <td colspan="2">Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_ziTWjE6fYG35" style="vertical-align: bottom"> <td colspan="2">Other Expenses</td> <td> </td> <td> </td> <td style="text-align: right">0.03</td> <td>%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zhghBlX4sFb1" style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid">     Acquired Fund Fees and Expenses<sup id="xdx_F47_za6xUDbuLLv">(2)</sup></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">0.01</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zgTKmb2XcnB7" style="vertical-align: bottom"> <td colspan="2">Total Annual Fund Operating Expenses<sup id="xdx_F42_zqgQO8Bt7Ar1">(3)</sup></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.33</td> <td style="border-bottom: black 2.25pt double">%</td></tr> <tr style="vertical-align: top; background-color: transparent"> <td> </td> <td colspan="5" style="text-align: justify"> </td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><sup id="xdx_F08_zNOEwIeCXGKj">(1)</sup></td> <td colspan="5" id="xdx_F1D_ze8KaCkHRtQb" 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> <tr style="vertical-align: top; background-color: transparent"> <td><sup id="xdx_F06_ztBuQDCKeT07">(2)</sup></td> <td colspan="5" style="text-align: justify"><span id="xdx_F10_z92bF0mzIoAc">Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund as a result of its investments in one or more underlying funds, including exchange-traded funds and money market funds.</span></td></tr> <tr style="vertical-align: top; background-color: transparent"> <td><sup id="xdx_F0D_zRCce2y96vdh">(3)</sup></td> <td colspan="5" style="text-align: justify"><span id="xdx_F18_zJjSGjvBHs12">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> <tr> <td style="width: 3%"> </td> <td style="width: 85%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td></tr> </table> 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 0.0001 0.0133 Expense Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zpbdputMpYaj" 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_z7nRcpqoijO"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zUhVu1dwgeqi" style="font: 10pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_483_eoef--ExpenseExampleYear01_zzFcRkGM0664" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center"><b>1 Year</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zyE5nIxLXf3g" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 29%; text-align: center"><b>3 Years</b></td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zIReGtApeB5l" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 26%; text-align: center"><b>5 Years</b></td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zH851bc9NdV3" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000256584Member_zTGA2Jio01z7" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; text-align: center">$135</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center">$421</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center">$729</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,601</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> 135 421 729 1601 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zmpMavHZxktg" 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 fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20260828__20260828__dei--LegalEntityAxis__custom--S000089804Member_zNKCNVzcuMh7"><span style="-sec-ix-hidden: xdx2ixbrl1204">72,985%</span></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> Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zWd5ZvldFYka" 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.</p> <p style="font: 10pt Times New Roman, 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 “<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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000089804Member_z3A4YAMHE4ti">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 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">SoFi Technologies, Inc. (“SOFI”)</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">SoFi Technologies, Inc. provides various financial services in the United States, Latin America, Canada and Switzerland. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money. SOFI is listed on Nasdaq. Per SOFI’s most recent Form 10-K filing, the aggregate market value of the voting and non-voting common equity of SOFI held by non-affiliates as of June 30, 2025 was $20.0 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">SOFI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by SOFI pursuant to the Exchange Act can be located by reference to the SEC file number 001-39606 through the SEC’s website at www.sec.gov. In addition, information regarding SOFI 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 SOFI or other securities of SoFi Technologies, Inc. The Fund has derived all disclosures contained in this document regarding SOFI 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 SOFI. 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 SOFI 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 SOFI (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 SOFI 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 SOFI.</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 SOFI TECHNOLOGIES, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, SOFI 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"><b>Moreover, SoFi Technologies, Inc. has not participated in the development of the Fund’s investment strategy. SoFi 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. SoFi 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 SoFi 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"> </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 claim any ownership interest in any trademarks owned by SOFI or its affiliates. All rights in the trademarks are reserved by their respective owners.</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">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, SOFI is assigned to the consumer finance 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SofiRisksMember_zemUZR7cIAB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>SOFI Risks.</b> The Fund invests in swap contracts and options that are based on the share price of SOFI. This subjects the Fund to certain of the same risks as if it owned shares of SOFI, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of SOFI, 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> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInSofiRiskMember_zXK9Z80j6zRg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Indirect Investment in SOFI Risk.</i> SOFI 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 and will not be able to influence management of SOFI but will be exposed to the performance of SOFI (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SofiTradingRiskMember_zRxD9442z3Od" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>SOFI Trading Risk.</i> The trading price of SOFI may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading SOFI, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence SOFI’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 halt in trading of SOFI, trading in shares of related funds may be impacted, either temporarily or indefinitely.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SofiPerformanceRiskMember_zw5zJ3ykISk2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>SOFI Performance Risk. </i>SOFI may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of SOFI to decline. SOFI 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 SOFI provides may not ultimately be accurate. If SOFI’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 SOFI could decline significantly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerFinanceIndustryRisksMember_zN4P3vlhjahe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Consumer Finance Industry Risks</i>: The consumer finance industry can be significantly affected by changing economic conditions, demand for consumer loans, and refinancing activity. Profitability can be largely dependent on the availability and cost of capital and the rate of consumer debt defaults, and can fluctuate significantly when interest rates change. Financial difficulties of borrowers can negatively affect the consumer finance industry. Companies in the consumer finance industry are subject to extensive government regulation, which can change frequently and may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain, or may affect them in other ways that are unforeseeable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisksMember_zj969Frp7W4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Interest Rate Risks. </i>SOFI’s business is sensitive to interest rates and interest rates are highly sensitive to many factors that are beyond SOFI’s control, including global, domestic and local economic conditions and the policies of various governmental and regulatory agencies and, in particular, the Federal Reserve. SOFI is unable to predict future changes in interest rates. Changes to prevailing interest rates could influence not only the interest SOFI receives on loans and investments and the amount of interest it pays on deposits and borrowings, but could also affect (i) SOFI’s ability to originate loans at competitive rates and obtain deposits; (ii) the fair value of SOFI’s financial assets and liabilities; (iii) the average duration of SOFI’s loan portfolios and other interest-earning assets; (iv) the mix of lending products SOFI originates which is influenced by demand for refinancing products; and (v) the competition faced by its SoFi Money deposit product from other investment products which may become more attractive as interest rates rise.</p> <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"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zaM2PhVPHcb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Intellectual Property Risks</i>: SOFI’s ability to provide products and services to its members and technology platform clients depends, in part, upon its proprietary technology. SOFI may be unable to protect its proprietary technology effectively, which would allow competitors to duplicate its business processes and know-how, and adversely affect its ability to compete with them. A third party may attempt to reverse engineer or otherwise obtain and use SOFI’s proprietary technology without its consent. The pursuit of a claim against a third party for infringement of intellectual property could be costly, and there can be no guarantee that any such efforts would be successful.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRisksMember_zxvA2XpMak69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Operations Risks</i>: Failure, inadequacy, breach of, or unauthorized access to, SOFI’s IT systems or those of SOFI’s third-party service providers, unauthorized access to SOFI’s confidential information, or violations of data protection laws, could each result in material harm to SOFI’s business and reputation. SOFI’s use of artificial intelligence or other emerging technologies could adversely impact SOFI’s business and financial results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalBusinessRisksMember_zR03TilykBHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>International Business Risks</i>: If SOFI fails to deploy or manage its operations successfully in international markets, its business and operations may suffer. In addition, SOFI is subject to a variety of risks inherent in doing business internationally, including risks related to government regulation, political, social and/or economic instability or military conflict, higher levels of credit risk and fraud, fluctuations in currency exchange rates and global market volatility, among others.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zzr7ifnbhbuk" 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_zlAutsxfCAwb" 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">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"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></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> </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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></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"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 65.97%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 77.69% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was -1.33%. 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_zCr17hrjxO0k" 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_z1jb58KoIdI1" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zt1N7I93u7Ib" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zg2yeTUwysP9" 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_zG1fVRUZoZY9" 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 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--CounterpartyRiskMember_zY3PIH1Tuj2h" 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_zzKqxTZNH346" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zVY5Y9Ued1X9" 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_zZgR2TzyZcr" 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_zBgM9THli8og" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zWoxtfPfEXbg" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zHCnyYlVdNU" 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 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_zHF2fzkRN7Ag" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zXFjD8ctAqnh" 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_z9HdKH7fZzqf" 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 The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zjvi689kYYhb" 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_z0Vd76ukQ0T6" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zJhYlg4k3smk" 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_zvsQfDzffeee" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z4PLMmtr3Nlf" 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_zZTTOppSvfwl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zqzKf3xQxNoh" 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_zwzIApz6RHUa" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z2FNxKvhZNSk" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zCt5bg7cZLOh" 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_zVwg2eYnCDn7" 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_zsCVOP8Wfgx3" 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 (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_A84_eoef--PerformanceNarrativeTextBlock_zczRrfVAvJ77" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000089804Member_zTuVeSjILlTh">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000089804Member_zUdgPrZ5Fsi">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089804Member_zvonkcd5SOw2">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089804Member_zQR65Ggkwr31">www.defianceetfs.com</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 LONG AMAT ETF – FUND SUMMARY Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_z15qhDwtGc49" 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 Applied Materials, Inc. (Nasdaq: AMAT). 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_zNYuI7zQDtWh" 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_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zsMZ4nQtM941"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zAbUj7RlRCbh" style="font: 10pt Times New Roman, Times, Serif; background-color: white; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000256579Member_zfogWjLjhqIl" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_988_eoef--OperatingExpensesCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000089799Member_z62erv9UpGf4" style="border-bottom: black 1pt solid"><b>Annual Fund Operating Expenses<sup id="xdx_F64_zUwiOJsE8bgg">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zYMB4kavkT7f" style="vertical-align: bottom"> <td style="width: 94%">Management Fee</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 3%; text-align: right">1.29</td> <td style="width: 1%">%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_znsak3FHlH2c" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_ztj11RKmQh07" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses<sup id="xdx_F46_z8ousPKAVCE2">(2)</sup></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">0.02</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zPJjk2GsSwT" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F41_z65IBkGAMPgi">(3)</sup></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="width: 2%"><sup id="xdx_F09_znewoD47EuY1">(1)</sup></td> <td id="xdx_F11_zBu6G2JGQKGa" style="width: 98%; 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> <tr style="vertical-align: top"> <td><sup id="xdx_F02_zf0sxxfPcCnl">(2)</sup></td> <td id="xdx_F1B_zRGYXVITzqkg" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000089799Member_zgbf3av7Iwq6">Based on estimated amounts for the current fiscal year.</span></td></tr> <tr style="vertical-align: top"> <td><sup id="xdx_F08_zwbpXvX6nydb">(3)</sup></td> <td id="xdx_F1B_zScW24qNMWre" 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> 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_A8E_eoef--ExpenseExampleNarrativeTextBlock_zWOShsrdWvrd" 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_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zUAqOPu4bczj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zslIP8dwguQ" 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_z1N9Igihi61e" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_482_eoef--ExpenseExampleYear03_znwKXFjzpYb2" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000256579Member_zFGxq9br5EG1"> <td style="border-bottom: black 1pt solid; text-align: center">$133</td> <td style="border-bottom: black 1pt solid; text-align: center">$415</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_z9uIxOTIC2nh" 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 recently commenced operations on April 30, 2026, 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_A86_eoef--StrategyNarrativeTextBlock_zk46zG41sVGd" 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.</p> <p style="font: 10pt Times New Roman, 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 “<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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000089799Member_zyDAeNs3JfTg">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 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">Applied Materials, Inc. (“AMAT”)</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">Applied Materials, Inc. engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. AMAT is listed on Nasdaq. Per AMAT’s most recent Form 10-K filing, the aggregate market value of the voting stock of AMAT held by AMAT’s non-affiliates as of April 27, 2025 based on the closing sale price reported by Nasdaq on April 27, 2025 was $121,318,219,350.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AMAT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by AMAT pursuant to the Exchange Act can be located by reference to the SEC file number 000-06920 through the SEC’s website at www.sec.gov. In addition, information regarding AMAT 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 AMAT or other securities of Applied Materials, Inc. The Fund has derived all disclosures contained in this document regarding AMAT 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 AMAT. 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 AMAT 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 AMAT (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 AMAT 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 AMAT.</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 APPLIED MATERIALS, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, APPLIED MATERIALS, 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"><b>Moreover, Applied Materials, Inc. has not participated in the development of the Fund’s investment strategy. Applied Materials, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Applied Materials, 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 Applied Materials, 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"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by AMAT or its affiliates. All rights in the trademarks are reserved by their respective owners.</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">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, AMAT is assigned to the semiconductors and semiconductors 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmatRisksMember_zXtMYoPHzVx2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>AMAT Risks.</b> The Fund invests in swap contracts and options that are based on the share price of AMAT. This subjects the Fund to certain of the same risks as if it owned shares of AMAT, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of AMAT, 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> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInAmatRiskMember_z7zw4Kmz0mLd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Indirect Investment in AMAT Risk.</i> AMAT 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 and will not be able to influence management of AMAT but will be exposed to the performance of AMAT (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmatTradingRiskMember_z84C96K67cY" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>AMAT Trading Risk.</i> The trading price of AMAT may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading AMAT, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence AMAT’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 halt in trading of AMAT, trading in shares of related funds may be impacted, either temporarily or indefinitely.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AmatPerformanceRiskMember_zvynFirCUDs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>AMAT Performance Risk. </i>AMAT may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of AMAT to decline. AMAT 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 AMAT provides may not ultimately be accurate. If AMAT’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 AMAT could decline significantly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorIndustryRisksMember_zD2mtetI69Oe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Semiconductor Industry Risks</i>: Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs. Semiconductor and display and related industries have historically been cyclical and are subject to volatility in customer demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zi8iVSpQLts8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Intellectual Property Risks</i>: AMAT’s success depends on the protection of its technology using patents, trade secrets, copyrights and other intellectual property rights. Infringement or misappropriation of AMAT’s intellectual property rights, such as the manufacture or sale of equipment or spare parts that use AMAT’s technology without authorization, could result in uncompensated lost market and revenue opportunities. Monitoring and detecting any unauthorized access, use or disclosure of AMAT’s intellectual property is difficult and costly and AMAT cannot be certain that the protective measures it has implemented will completely prevent misuse. AMAT’s ability to enforce its intellectual property rights is subject to litigation risks and uncertainty as to the protection and enforceability of those rights in some countries.</p> <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"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsRisksMember_zmgMQo6BShC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Operations Risks</i>: In the conduct of its business, AMAT collects, uses, transmits, stores, and otherwise processes data using information technology systems, including systems owned and maintained by AMAT or third-party providers. These data include confidential information and intellectual property belonging to AMAT or its customers or other business partners, and personal information of individuals. All information technology systems are subject to disruptions, outages, failures, and security breaches or incidents. AMAT and its third-party providers have experienced, and expect to continue to experience, cybersecurity incidents. Cybersecurity incidents may range from employee or contractor error or misuse or unauthorized use of information technology systems or confidential information, to individual attempts to gain unauthorized access to these information systems, to sophisticated cybersecurity attacks, known as advanced persistent threats, any of which may target AMAT directly or indirectly through its third-party providers and global supply chain.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentratedCustomerBaseRisksMember_z0RDlbhUsJcj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Concentrated Customer Base Risks: </i>A relatively limited number of customers account for a substantial portion of AMAT’s business. AMAT’s customer base is geographically concentrated, particularly in China, Taiwan, Korea and Japan. As a result, the actions of even a single customer or export regulations that apply to customers in certain countries, such as those in China, have exposed and can further expose AMAT’s business and operating results to greater volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternationalBusinessRisksMember_zcsHxPjtB6Ue" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>International Business Risks</i>: Uncertain or adverse economic and business conditions, including uncertainties and volatility in the financial markets, national debt, fiscal or monetary concerns, rising inflation and interest rates, bank failures, and economic recession, could materially and adversely impact AMAT’s operating results. Markets for semiconductors and displays depend largely on business and consumer spending and demand for electronic products. Uncertain or adverse economic and business conditions could result in decreases in consumer spending and demand. Decreases in spending and demand have caused, and may in the future cause, AMAT’s customers to push out, cancel or refrain from purchasing its equipment or services, which could negatively impact demand for its products and services, reduce its backlog, increase its inventory, and materially and adversely impact its operating results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z2Ngeat0VSj6" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_z7lEQjJv8Dwg" 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">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"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></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> </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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></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"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 45.23%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 49.74% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 38.37%. 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_zu9ZRcqKPbe3" 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 id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zJzpuGxFteDk" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z4AdzL6yqANf" 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_z0zNPSJWlwW" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z06lAxZHvt3g" 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 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--CounterpartyRiskMember_zDgMdkhipDEd" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zjujTC6RTRua" 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_z5GysmlMTNng" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zW8xYmL6GV06" 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--EtfRisksMember_zDZeljzLXQI2" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zzq2h1oyrWMh" 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 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--CashRedemptionRiskMember_zfSXm03nMfga" 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_zu3wtKzGHb68" 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_zXX3OWn7rse2" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zKZCalXOhgP4" 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 The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_z0lqgkWt4dol" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zEjItxdGeskj" 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_zJJsNa7uGbtb" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zC1hzzpXVNuc" 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_zd58y3GdQgG2" 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_zQDX3nuPuFF6" 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_zsgr9Ulcw7x5" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_ze12Nu2hhVOk" 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_zwmzF1eNm92j" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zv94zgq6pp39" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zcbqbr4SN0Re" 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 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_zbjsuaHfNXQc" 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 (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_A8D_eoef--PerformanceNarrativeTextBlock_zIUpOi5Ju5Ne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000089799Member_zC0ddz8i57y8">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000089799Member_z1uEwf5SuKVj">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089799Member_zE4cfrfb4di7">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089799Member_zg9SBJONmmOh">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 LONG ORCL ETF – FUND SUMMARY Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zoLtAiVttJ19" 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 Oracle Corporation (NYSE: ORCL). 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_zfSEbKiinsV9" 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_zINmBPUoCOR5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zTdGwdB1UGei" 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: bottom"> <td> </td> <td> </td> <td> </td> <td id="xdx_499_20260828__20260828__oef--ClassAxis__custom--C000256583Member_zINrWuQGIe4c" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_988_eoef--OperatingExpensesCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000089803Member_zPt1cC7Bxnx5" style="border-bottom: black 1pt solid"><b>Annual Fund Operating Expenses<sup id="xdx_F67_zr9Y3mrut5F3">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z0W2iqj0z2f1" style="vertical-align: bottom"> <td>Management Fee </td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td style="width: 1%">%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zclOG3SxtBU8" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zel7smG3Kjyg" style="vertical-align: bottom"> <td>Other Expenses (includes interest expense)</td> <td> </td> <td> </td> <td style="text-align: right">0.01</td> <td>%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zp95IrEzfK3j" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">     Acquired Fund Fees and Expenses<sup id="xdx_F47_zfsaOE3wp6jk">(2)</sup></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">0.01</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zi26cohbpQCk" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F4A_zj0WXhWHY8ud">(3)</sup></td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.31</td> <td style="border-bottom: black 2.25pt double">%</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> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="width: 2%"><sup id="xdx_F0C_zoYtOfogSgG4">(1)</sup></td> <td id="xdx_F1A_z7IqUiY8QDX4" style="width: 98%; 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> <tr style="vertical-align: top"> <td><sup id="xdx_F06_zFoC1RUqQrxk">(2)</sup></td> <td style="text-align: justify"><span id="xdx_F1C_zB6Xb3bZ092c">Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund as a result of its investments in one or more underlying funds, including exchange-traded funds and money market funds.</span></td></tr> <tr style="vertical-align: top"> <td><sup id="xdx_F07_zWvl6WmAdWEa">(3)</sup></td> <td style="text-align: justify"><span id="xdx_F1B_zCNsy1DM1F1h">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> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0001 0.0001 0.0131 Expense Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zcOf8YVJpR4i" 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_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zn05s714qZO5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zbJbg9R85PL7" style="font: 10pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_488_eoef--ExpenseExampleYear01_zGmdolSNysj1" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center"><b>1 Year</b></td> <td id="xdx_483_eoef--ExpenseExampleYear03_z5CQ51HBYtl2" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 29%; text-align: center"><b>3 Years</b></td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zLsTZxmJDokc" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 26%; text-align: center"><b>5 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zrVRB6XwvUv2" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000256583Member_zoXFt73fQabk" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; text-align: center">$133</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center">$415</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center">$718</td> <td style="border-right: Black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,579</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 718 1579 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zrpApgoYwD6b" 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 fiscal year ended April 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20260828__20260828__dei--LegalEntityAxis__custom--S000089803Member_zdy7cqZKMLDi"><span style="-sec-ix-hidden: xdx2ixbrl1356">1,829%</span></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> Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zsSlBandtwU5" 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.</p> <p style="font: 10pt Times New Roman, 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 “<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">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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000089803Member_zMO6F7rBD21">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 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">Oracle Corporation (“ORCL”)</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">Oracle Corporation offers a collection of cloud technologies, applications, databases, storage and servers to empower modern business. ORCL is listed on the New York Stock Exchange (“NYSE”). Per ORCL’s most recent Form 10-K filing, the aggregate market value of the voting stock held by non-affiliates of ORCL was $346.7 billion based on the number of shares held by non-affiliates of ORCL as of May 31, 2026, and based on the closing sale price of common stock as reported by the NYSE on November 28, 2025, which is the last business day of ORCL’s most recently completed second fiscal quarter.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ORCL is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by ORCL pursuant to the Exchange Act can be located by reference to the SEC file number 001-35992 through the SEC’s website at www.sec.gov. In addition, information regarding ORCL 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 ORCL or other securities of Oracle Corporation. The Fund has derived all disclosures contained in this document regarding ORCL 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 ORCL. 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 ORCL 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 ORCL (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 ORCL 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 ORCL.</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 ORACLE CORPORATION. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ORACLE CORPORATION.</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>Moreover, Oracle Corporation has not participated in the development of the Fund’s investment strategy. Oracle Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Oracle Corporation 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 Oracle Corporation.</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"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by ORCL or its affiliates. All rights in the trademarks are reserved by their respective owners.</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">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, ORCL 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OrclRisksMember_zuPtVPGRz1Y1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ORCL Risks.</b> The Fund invests in swap contracts and options that are based on the share price of ORCL. This subjects the Fund to certain of the same risks as if it owned shares of ORCL, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of ORCL, 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> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInOrclRiskMember_zgdGXQisoPQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Indirect Investment in ORCL Risk.</i> ORCL 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 and will not be able to influence management of ORCL but will be exposed to the performance of ORCL (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OrclTradingRiskMember_zE00fNdqFli5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>ORCL Trading Risk.</i> The trading price of ORCL may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading ORCL, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence ORCL’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 halt in trading of ORCL, trading in shares of related funds may be impacted, either temporarily or indefinitely.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OrclPerformanceRiskMember_zo52Wk5rZRCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>ORCL Performance Risk. </i>ORCL may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of ORCL to decline. ORCL 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 ORCL provides may not ultimately be accurate. If ORCL’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 ORCL could decline significantly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_zVzwUGipENk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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.</p> <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"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsAndBusinessRisksMember_zxeSDh3IKT5k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Operations and Business Risks. </i>ORCL may be unsuccessful in developing and selling new products and services, integrating acquired products and services and enhancing its existing products and services. ORCL’s industry is characterized by rapid technological advances, intense competition, changing delivery models, evolving standards in communications infrastructure, increasingly sophisticated customer needs and frequent new product introductions and enhancements. If ORCL is unable to develop new or sufficiently differentiated products and services, enhance and improve its product offerings and support services in a timely manner or position and price its products and services to meet demand, customers may not purchase or subscribe to ORCL’s license, hardware or cloud offerings or renew license support, hardware support or cloud subscriptions contracts. ORCL is building AI into many of its product offerings and also making AI available for its customers to use in solutions that they build. ORCL has made significant investments in AI initiatives, including investments in infrastructure and headcount, and expects to continue to invest significant resources to build and support its AI products in support of its growth strategy. If ORCL is unable to introduce new AI products, or if its AI products fail to operate as anticipated or as well as competing products or otherwise do not meet customer needs, if ORCL’s competitors’ AI products achieve higher market acceptance than theirs, or if it incurs costs higher than expected to build and support its AI products, ORCL may fail to recoup its investments in AI and its business and reputation may be harmed. If ORCL enables or offers AI products that draw controversy due to their perceived or actual impact on society, or if ORCL is unable to develop, implement and maintain effective internal policies and frameworks relating to the responsible development and use of AI, it may experience brand or reputational harm, competitive harm or legal liability.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">  </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DataSecurityRisksMember_zGKh5j64uIka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Data Security Risks. </i>If ORCL’s security measures for its products and services are compromised and as a result, its data, its customers’ data or its IT systems are accessed improperly, made unavailable, or improperly modified, ORCL’s products and services may be perceived as vulnerable, its brand and reputation could be damaged, the IT services ORCL provides to its customers could be disrupted, and customers may stop using ORCL’s products and services, any of which could reduce ORCL’s revenue and earnings, increase its expenses and expose it to legal claims and regulatory actions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zDQ7Trd7vcAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Intellectual Property Risks. </i>ORCL relies on copyright, trademark, patent and trade secret laws, confidentiality procedures, controls and contractual commitments to protect its intellectual property. Despite ORCL’s efforts, these protections may be limited. Unauthorized third parties may try to copy or reverse engineer ORCL products or otherwise use its intellectual property. ORCL patents may be invalidated or circumvented. Any of ORCL’s pending or future patent applications may not be issued with the claim scope it seeks, if at all. In addition, the laws of some countries do not provide the same level of intellectual property protection as U.S. laws and courts. If ORCL cannot protect its intellectual property against unauthorized copying or use, or other misappropriation, ORCL may not remain competitive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LitigationRisksMember_zhuiWdpdNNCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Litigation Risk</i>. ORCL is subject to various legal proceedings. Litigation can be lengthy, expensive and disruptive to ORCL’s operations, and can divert ORCL’s management’s attention away from running its core business. The results of ORCL’s litigation also cannot be predicted with certainty. Even favorable judgments have been, and may in the future be, subject to appeals leading to protracted litigation, additional costs and the prospect that ORCL’s desired outcome will be overturned. An adverse decision could result in monetary damages or injunctive relief that could affect ORCL’s business, operating results or financial condition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zQ3t1T80jZ6" 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_zwliKEaJ2PUa" 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"> </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"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></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> </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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></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"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 41.47%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 62.75% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 13.48%. 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_z2r75j8gtX97" 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"> </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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zzAIHnEKD2La" 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_z9C5c21yxqe9" 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_zP8jbBQxSSUa" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_z6NIvT1ruaT5" 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 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--CounterpartyRiskMember_zd7CUgk70M6e" 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_zDzzAV5o5v3f" 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_z0oRi0emvOT" 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_zCV4dKr5uxc8" 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 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_zR8XDH1pkZlk" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zyjMBVL9yxBc" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z3n35rf3SMV7" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zqlY79pd0Pdi" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zs48ri5KvL18" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zZKOluHL2fMa" 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 The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares 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_zeDoUQ876Roj" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zhFrYr7pp6R4" 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 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_zoGiwD8Pjub" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zE1Rj38L1VZd" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zPRwImrM47hj" 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_zrGYeEuGHhp7" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewerFundRiskMember_zCfBRAjEVD26" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_ziVy0v5pJe2l" 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_zFDrJj4qvDTe" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zBnMbQi99e7b" 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_zi2YjNk1SFL1" 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 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_z9oQwB7XgZw2" 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 (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_A8D_eoef--PerformanceNarrativeTextBlock_zC8ZiOQCYcya" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000089803Member_zaj58AleYlih">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000089803Member_zobzHObnPvKj">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089803Member_z4vnqx6joDsb">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089803Member_z6vPgUQTven4">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 LONG FSLR ETF – FUND SUMMARY Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zPL8qJPGfcBd" 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 First Solar, Inc. (Nasdaq: FSLR). 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_zXIJ3Dw5Nqp9" 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_zSV0pUTeWNih"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zr2K7dbuCu1f" 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: bottom"> <td> </td> <td> </td> <td> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000256581Member_zz9rkW7am8Rh" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" id="xdx_988_eoef--OperatingExpensesCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000089801Member_zV4eMsNKjbWh" style="border-bottom: black 1pt solid"><b>Annual Fund Operating Expenses<sup id="xdx_F68_zoucPTpCzhZc">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: black 1pt solid"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zkyV2hesLZej" style="vertical-align: bottom"> <td>Management Fee </td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td style="width: 1%">%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVeCRwJKSjb" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees </td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zx6CeBfQYT6h" style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid">Other Expenses<sup id="xdx_F47_zbhBVRRyQ1X4">(2)</sup> </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">0.00</td> <td style="border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_z4b3ObgdYebi" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F48_zRDmhXlELtIh">(3)</sup> </td> <td> </td> <td> </td> <td style="border-bottom: black 2.25pt double; text-align: right">1.29</td> <td style="border-bottom: black 2.25pt double">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 2%"><sup id="xdx_F05_zatb883S0Yhd">(1)</sup></td> <td id="xdx_F15_zBkMCowA8BI6" style="width: 98%; 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> <tr style="vertical-align: top"> <td><sup id="xdx_F0D_zTugDf6EAQp3">(2)</sup></td> <td id="xdx_F1B_zN7jdwKQbXu2" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000089801Member_zB3lt0Uz2x7e">Based on estimated amounts for the current fiscal year.</span></td></tr> <tr style="vertical-align: top"> <td><sup id="xdx_F0F_zBGwSUpUKOHl">(3)</sup></td> <td id="xdx_F11_z3scxvF6b7f1" 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> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0129 0 0.0000 0.0129 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_znVUJuah2Si2" 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_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zW2IV4tD8qfa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zwLeDStxxpk1" 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_zeO32NUf1re9" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zVtgViCxgjR7" style="border-top: black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000256581Member_zFpXCh6Fhvah"> <td style="border-bottom: black 1pt solid; text-align: center">$131</td> <td style="border-bottom: black 1pt solid; text-align: center">$409</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> 131 409 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zFh40cCCR8a" 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_ztofNY61acRe" 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.</p> <p style="font: 10pt Times New Roman, 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 “<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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000089801Member_z3thhNoUJhn">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 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">First Solar, Inc. (“FSLR”)</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">First Solar, Inc. is a provider of solar photovoltaic (PV) systems. It designs, manufactures and sells PV solar modules. First Solar, Inc. also offers solar PV power systems, and operational and maintenance services to system owners. FSLR is listed on Nasdaq. Per FSLR’s most recent Form 10-K filing, the aggregate market value of FSLR’s common stock held by non-affiliates of FSLR as of June 30, 2025 was approximately $17.7 billion (based on the closing price of FSLR’s common stock on that date).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FSLR is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by FSLR pursuant to the Exchange Act can be located by reference to the SEC file number 001-33156 through the SEC’s website at www.sec.gov. In addition, information regarding FSLR 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 FSLR or other securities of First Solar, Inc. The Fund has derived all disclosures contained in this document regarding FSLR 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 FSLR. 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 FSLR 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 FSLR (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 FSLR 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 FSLR.</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 FIRST SOLAR, INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, FIRST SOLAR, 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"><b>Moreover, First Solar, Inc. has not participated in the development of the Fund’s investment strategy. First Solar, Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. First Solar, 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 First Solar, 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"><b>None of the Fund, the Trust, the Adviser, or their respective affiliates claim any ownership interest in any trademarks owned by FSLR or its affiliates. All rights in the trademarks are reserved by their respective owners.</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">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, FSLR is assigned to the semiconductors and semiconductors 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FslrRiskMember_zc4FPGjMvvaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>FSLR Risks.</b> The Fund invests in swap contracts and options that are based on the share price of FSLR. This subjects the Fund to certain of the same risks as if it owned shares of FSLR, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of FSLR, 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> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInFslrRiskMember_zDuvv9n16CK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Indirect Investment in FSLR Risk.</i> FSLR 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 and will not be able to influence management of FSLR but will be exposed to the performance of FSLR (the Underlying Security). Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the Underlying Security but will be subject to declines in the performance of the Underlying Security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FslrTradingRiskMember_zkQMMKFPW4n3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>FSLR Trading Risk.</i> The trading price of FSLR may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also play a significant role in trading FSLR, potentially affecting the supply and demand dynamics and contributing to market price volatility. Public perception and external factors beyond the company’s control may influence FSLR’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 halt in trading of FSLR, trading in shares of related funds may be impacted, either temporarily or indefinitely.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FslrPerformanceRiskMember_zcVT81IraBhg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>FSLR Performance Risk. </i>FSLR may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of FSLR to decline. FSLR 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 FSLR provides may not ultimately be accurate. If FSLR’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 FSLR could decline significantly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorIndustryRisksMember_zEseQt2DotY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Semiconductor Industry Risks</i>: Semiconductor companies may face intense competition,both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services. Semiconductor companies may rely on a limited number of suppliers, or upon suppliers in a single location, for certain materials, equipment or tools. Finding and qualifying alternate or additional suppliers can be a lengthy process that can cause production delays or impose unforeseen costs, and such alternatives may not be available at all. Production can be disrupted by the unavailability of resources, such as water, silicon, electricity, gases and other materials. Suppliers may also increase prices or encounter cybersecurity or other issues that can disrupt production or increase production costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationsAndBusinessRisksMember_zPZerngBkAt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Operations and Business Risks</i> Competition in solar markets globally and across the solar value chain is intense and could remain that way for an extended period of time. The solar industry may experience periods of structural imbalance between global PV module supply and demand that result in periods of pricing volatility. If FSLR’s competitors reduce module pricing to levels near or below their manufacturing costs, or are able to operate at minimal or negative operating margins for sustained periods of time, or if global demand for PV modules decreases relative to installed production capacity, FSLR’s business, financial condition, and results of operations could be adversely affected. The loss of any large customers, or the inability of FSLR’s customers and counterparties to perform under their contracts with FSLR, could significantly reduce FSLR’s net sales and negatively impact FSLR’s results of operations. FSLR also faces intense competition from manufacturers of crystalline silicon solar modules; if global supply exceeds global demand, it could lead to a further reduction in the average selling price for PV solar modules, which could reduce FSLR’s net sales and adversely affect its results of operations.</p> <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"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRisksMember_zUAr6vPNbWGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Regulatory Risks. </i>The modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for on-grid solar electricity applications, or the impact of other public policies, such as tariffs or other trade remedies imposed on solar cells and modules or related raw materials, could negatively impact demand and/or price levels for FSLR’s solar modules and limit its growth or lead to a reduction in its net sales or increase its costs, thereby adversely impacting FSLR’s operating results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntellectualPropertyRisksMember_zyNZnGqCkMx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Intellectual Property Risks. </i>Protection of FSLR’s proprietary processes, methods, and other technology is critical to its business. Failure to protect and monitor the use of FSLR’s existing intellectual property rights or to successfully commercialize future intellectual property rights could result in the loss of valuable technologies. FSLR relies primarily on patents, trademarks, trade secrets, copyrights, and contractual restrictions to protect its intellectual property. FSLR regularly files patent applications to protect certain inventions arising from its R&amp;D and are currently pursuing such patent applications in various countries. FSLR’s existing patents and future patents could be challenged, invalidated, circumvented, or rendered unenforceable. Pending patent applications may not result in issued patents, or if patents are issued, such patents may not be sufficient to provide meaningful protection against competitors or against competitive technologies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zrag8RaquL15" 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_zzDgUoltFSzl" 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">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"><b>Estimated Returns of 200% or Two Times </b><br/> <b>Performance of the Underlying Security</b></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> <td colspan="4" style="vertical-align: top"> </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 colspan="3" style="border-bottom: black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; width: 22%; text-align: center"><b>One Year </b><br/> <b>Underlying </b><br/> <b>Security</b></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"><b>2X Times </b><br/> <b>(200%) the </b><br/> <b>One Year </b><br/> <b>Performance</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: white">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 53.44%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 63.03% and volatility for a shorter period of time may have been substantially higher. The Underlying Security’s annualized performance during this period was 21.11%. 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_zkb9jwJQYhyi" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zHLQ14aqNdTg" 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 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_zt5QCEZXejVg" 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_zgxc76DgPyUj" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zOBntcfCsTzd" 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 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_zSI6iw2lWXqd" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zGsPNcifgB71" 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_z577WG0dwuCk" 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_zN4yMFTefxde" 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_zLIWhPJ07Wbb" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zyOMQLy2kDci" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_ztH4SVCZjMdc" 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 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_zIf81ejnXxJ2" 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_z4eS12RbA9Yc" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zdejEX1vMhE8" 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 The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares 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_znFgIfHqirs2" 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_zERXf5Ckyfib" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zRBxryI84do9" 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_z9CJH5l4Zwnk" 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 style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zhENMQsQ2Txb" 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_z7eYYNE2zWph" 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_zJ5AbTAPmM3i" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zI4asPlFWfnj" 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_z49ucMLnh2xa" 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_zeWN6Fgulfsa" 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_zSb1PBB0o8y2" 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_z7pSlKfp6Vbe" 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 (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_zzUYlgKDkwMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000089801Member_zQUz2vZcH8Ge">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089801Member_zjrSmlshQfC3">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089801Member_zczGbtx2IJW7">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000089801Member_zLq2JlL3OYQ5">www.defianceetfs.com</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> 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 BE ETF – FUND SUMMARY Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zxHT2MF2jDne" 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 Bloom Energy Corporation (NYSE: BE). 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_zlgCTLHCPbKf" 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_zism8HLRrb92"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zogj59XnOmj6" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100079Member_zirHfRVDM9w4" style="border-bottom: Black 1pt solid; width: 86%"><b>Annual Fund Operating Expenses<sup id="xdx_F69_zbCGOOSrXNdk">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269889Member_zXePiUmE4v01" style="border-bottom: Black 1pt solid; width: 9%; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zBR9EXQ6MUxj" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfnligA66n4" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zRSJ0EJB9Uvc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F4A_zDAFPGnoPf8k">(2)</sup> (includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zw9K53cZQpOb" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F42_zDpCjyeYEAn1">(3)</sup></td> <td> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F09_zFErjShYKTm6">(1)</sup></td><td id="xdx_F1C_zfukycKqn8G7" 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_F08_zbR1ikVz5d7c">(2)</sup></td><td id="xdx_F1F_z9yj1R9Pg9f8" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100079Member_z54UHT3mNMZ6">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_F05_zI2TNu0kyhnh">(3)</sup></td><td id="xdx_F1D_zsT9fDrBOM37" 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_A8C_eoef--ExpenseExampleNarrativeTextBlock_z2ST7gfbcee7" 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_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zpgMxfecJOye"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zWalwgKgLpN3" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zBcksbHIWvG1" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zhkCxNGGR9Lg" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td style="text-align: center"> </td> <td style="padding-left: 1in; text-align: center; text-indent: -1in"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269889Member_zSEXB4E3YDP"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; padding-left: 1in; text-align: center; text-indent: -1in">$415</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_zV8FcnQe2tT9" 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 has not yet commenced operations, 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_A87_eoef--StrategyNarrativeTextBlock_zFlFEDuXW3Bg" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100079Member_z8JzLLAFrESf">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">Bloom Energy Corporation (“BE”)</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">Bloom Energy Corporation manufactures stationary fuel cell systems for on-site power generation and hydrogen production. BE is listed on the New York Stock Exchange (“NYSE”). Per BE’s most recent Form 10-K filing, the aggregate market value of Class A common stock held by non-affiliates of BE was approximately $3.9 billion based upon the closing price of $ 23.92 per share of its Class A common stock on the NYSE on June 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">BE is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by BE pursuant to the Exchange Act can be located by reference to SEC file number 001-38598 through the SEC’s website at www.sec.gov. In addition, information regarding BE 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 BE or other securities of Bloom Energy Corporation. The Fund has derived all disclosures contained in this document regarding BE 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 BE. 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 BE 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 BE (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 BE 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 BE.</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 BLOOM ENERGY CORPORATION THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, BLOOM ENERGY CORPORATION.</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, Bloom Energy Corporation has not participated in the development of the Fund’s investment strategy. Bloom Energy Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Bloom Energy Corporation 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 Bloom Energy Corporation.</p> <p style="font: 10pt Times New Roman, 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 BE 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, BE is assigned to the Electrical 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BeRisksMember_zwjAWInewN07" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>BE Risks.</b> The Fund invests in swap contracts and options that are based on the share price of BE. This subjects the Fund to certain of the same risks as if it owned shares of BE, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of BE, 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--IndirectInvestmentInBeRiskMember_ztNyDOr8cO32"></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 BE Risk. </i>BE 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 BE but will be exposed to the performance of BE (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from BE, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--BeTradingRiskMember_znnYgT8ohCH1"></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>BE Trading Risk. </i>The trading price of BE may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence BE’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence BE’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 BE’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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BePerformanceRiskMember_zR9T1gFoIkie"></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>BE Performance Risk. </i>BE may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of BE to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance BE provides may not ultimately be accurate. If BE’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 BE 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BeMarketAndBusinessRiskMember_zpNQlbYrV0gb"></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>BE Market and Business Risks</i>. Investments in BE involve significant risks related to the company’s business model, industry, and financial condition. BE operates in distributed energy generation and hydrogen production, both of which are emerging markets that may not achieve widespread adoption. Demand for BE’s products depends on the relative price and availability of natural gas and electricity, as well as government subsidies and regulatory incentives. The company faces competition from traditional and alternative energy providers and derives a substantial portion of its revenue from a limited number of customers. BE’s products involve lengthy sales cycles. BE’s products also have significant upfront costs, which may be a barrier for some customers who may not have the financial capability to purchase its products directly. To address this, BE has developed various financing options that allow customers to use its products through third-party financing arrangements, which enable customers to access its products without making a direct purchase. If in any given quarter BE or its customers are not able to secure funding, BE’s financial condition and results of operations would be harmed. In addition, the company’s growth depends on the successful commercialization of new technologies, including electrolyzers, and on the ability to diversify products and markets. Any failure to achieve market acceptance, maintain competitive performance, or secure adequate financing could materially impair BE’s business and share price.</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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BeOperationalRegulatoryAndFinancialRisksMember_z4aqEvZtTmJi"></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>BE Operational, Regulatory, and Financial Risks</i>. BE is subject to risks related to manufacturing, supply chains, regulations, and capital structure. The company’s ability to meet demand depends on expanding production capacity, avoiding supply chain disruptions, and ensuring reliable product performance. Long-term supply agreements, reliance on sole suppliers, and potential manufacturing defects could adversely impact results. Changes to incentive programs, trade policies, tariffs, and environmental regulations could reduce demand or increase costs. BE has a history of operating losses, carries significant indebtedness, and may face liquidity constraints if cash flows are insufficient to service debt obligations. Its common stock has experienced volatility and may be further affected by dilution, significant shareholder sales, or unfavorable market sentiment. These risks, individually or collectively, could materially and adversely affect the performance of BE’s securities.</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--ElectricalEquipmentIndustryRisksMember_zbaqa7KQze2g"></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>Electrical Equipment Industry Risks.</i> The electrical equipment industry can be significantly affected by general economic trends, including employment, economic growth, interest rates, and changes in commodity prices. Electrical equipment companies are subject to the risks of technical obsolescence, and their profitability may be affected by government regulation and spending, import controls and worldwide competition. Companies in these industries also can be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control. These factors may result in a material adverse impact on the Fund’s portfolio securities and the performance of the Fund.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z6Xx5bkeXif2" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zpAGNrJjeke2" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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> <td colspan="4" style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 28%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 84.35%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 106.88%. The Underlying Security’s annualized performance during this period was 62.27%. 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zNElvt1pkBWd" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zHAAbeztAmVk" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zDDDnyS7CkX8" 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_zrOMIhuwwDz1" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zBBfn61nYzbh" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zgMAkhvLOCEh" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zzcrY4X36Qh7" 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_zJ6NDzzFnDOa" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zn0C83WeRiZb" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zDlg3JPnAJ4" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zGZlDE9fLdbc" 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_zeuIkwVaqcNd" 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_zuk5ZBkTdCvj" 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_zLPY4CqwhYI9" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zexwnjPiTcee" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zBT52G5vj9H9" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zqEhm0VS8OI7" 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_zuqotP0R427l" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zJ1HAxVy1ski" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zifDTvthw54a" 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_zK8jNdtO9EA4" 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_zXNYuKem1Fih" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zMCcAnadMw66" 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_z0WmXrttGYq7" 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_zzatxUH6XtCj" 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_zhHC7FFmImI5" 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_znxysXeYD0p3" 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_zMOPXVPlD2yf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100079Member_zWuWh976XmU2">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100079Member_zz3sW3xL7cJd">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100079Member_zuxtCmmSoSEg">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100079Member_zYpNKUIoFqN5">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 LONG BIIB ETF – FUND SUMMARY Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z9MqOYtWjJDd" 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 Biogen Inc. (Nasdaq: BIIB). 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_zZi1UWSKLByh" 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_zmXhOPNDeeI6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zf6owgsP2gqf" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100082Member_zDn74x4mbKL6" style="border-bottom: Black 1pt solid; width: 86%"><b>Annual Fund Operating Expenses<sup id="xdx_F67_zChxzAKD1Swg">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269892Member_zZCTyXuJ9eCj" style="border-bottom: Black 1pt solid; width: 9%; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zANfvWvH6Cg9" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlpQmh88R1Z4" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z4tG1zVrbXFi" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F44_zHuvcDAbC9Q5">(2) </sup>(includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zzZgEa0DWj47" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F43_zNMe5RfsYq61">(3)</sup></td> <td> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_zZRNAmnw21T3">(1)</sup></td><td id="xdx_F17_zSqhI6b42KZg" 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_F0A_zW3u9MJ8D636">(2)</sup></td><td id="xdx_F19_z3cDhxJB1UB4" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100082Member_zYd5T7v4XUS9">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_F0D_zT7kaJb4YZif">(3)</sup></td><td id="xdx_F19_zeCgp7b0L1Hb" 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_z6yKTbbpVJ43" 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_zmGd4i5dAIl2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z6qUlecpARpj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zyS7tzzOaXNi" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z0BXQOqSYOQh" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269892Member_zyDhfrD4oRx9"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</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_A81_eoef--PortfolioTurnoverTextBlock_zjG3tSbOyxf2" 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 has not yet commenced operations, 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_A8C_eoef--StrategyNarrativeTextBlock_zumtTmyZFcga" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100082Member_zuFoV1CBuUGi">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">Biogen Inc. (“BIIB”)</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">Biogen Inc. is a global biopharmaceutical company focused on discovering, developing and delivering innovative therapies for people living with serious and complex diseases. BIIB is listed The Nasdaq Global Select Market (“Nasdaq”). Per BIIB’s most recent Form 10-K filing, the aggregate market value of its common stock held by non-affiliates computed by reference to the price at which the common stock was last sold as of June 30, 2025 was approximately $18.3 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">BIIB is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by BIIB pursuant to the Exchange Act can be located by reference to SEC file number 000-19311 through the SEC’s website at www.sec.gov. In addition, information regarding BIIB 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 BIIB or other securities of Biogen Inc. The Fund has derived all disclosures contained in this document regarding BIIB 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 BIIB. 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 BIIB 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 BIIB (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 BIIB 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 BIIB.</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 BIOGEN INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, BIOGEN 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, Biogen Inc. has not participated in the development of the Fund’s investment strategy. Biogen Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Biogen 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 Biogen 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 BIIB 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, BIIB is assigned to the Biotechnology 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiibRisksMember_z0bou02JPz6d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>BIIB Risks.</b> The Fund invests in swap contracts and options that are based on the share price of BIIB. This subjects the Fund to certain of the same risks as if it owned shares of BIIB, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of BIIB, 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInBiibRiskMember_zWS8R0fBh9cd"></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 BIIB Risk.</i> BIIB 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 BIIB but will be exposed to the performance of BIIB (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from BIIB, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiibTradingRiskMember_zCFJGJHNLwWc"></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>BIIB Trading Risk</i>. The trading price of BIIB may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence BIIB’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence BIIB’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 BIIB’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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiibPerformanceRiskMember_zYEreCpGLWN2"></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>BIIB Performance Risk.</i> BIIB may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of BIIB to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance BIIB provides may not ultimately be accurate. If BIIB’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 BIIB 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiibBusinessRiskMember_zEJzQSEeLENg"></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>BIIB Business Risks.</i> BIIB’s revenue is concentrated in a limited number of neurology and rare-disease therapies and financial rights in certain antibody programs targeting CD20 cells (a protein found on the surface of B cells, an immune cell type), and is exposed to declines from competing originator products, generics, prodrugs and biosimilars. Results may be adversely affected by safety or efficacy findings, and by pricing and reimbursement pressures from payors, including potential drug price negotiation under the U.S. Inflation Reduction Act. Commercial execution for newly launched or newly indicated products depends on adequate reimbursement, diagnostic or registry requirements, and market acceptance amid competitive launches. Long-term growth relies on research and development and label expansions, including novel modalities such as antisense oligonucleotides (short synthetic strands that alter RNA function) and gene therapy, where regulatory outcomes are uncertain and early-stage results may not replicate in larger trials or across regions. The company faces intense competition for patients, talent, partnerships and assets; missed business-development targets, difficult integrations, or shortfalls in cost-reduction initiatives could impair performance. Revenue is highly sensitive to formulary status, rebate and discount dynamics, and evolving U.S. and ex-U.S. healthcare reforms. Reliance on collaborators, contract research organizations, manufacturers and other vendors introduces performance, compliance and alignment risks outside the company’s full control.</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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiotechnologyIndustryRiskMember_zTmMmMJUg8z7"></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>Biotechnology Industry Risk.</i> The biotechnology industry can be significantly affected by patent considerations, including the termination of patent protections for products, intense competition both domestically and internationally, rapid technological change and obsolescence, government regulation and expensive insurance costs due to the risk of product liability lawsuits. In addition, the biotechnology industry is an emerging growth industry, and therefore biotechnology companies may be thinly capitalized and more volatile than companies with greater capitalizations. Biotechnology companies must contend with high development costs, which may be exacerbated by the inability to raise prices to cover costs because of managed care pressure, government regulation or price controls.</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_zqg9srAqizU8" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zt7bm8Gm3Ik7" 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> <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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td colspan="4" style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 28%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-23.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 32.92%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 42.14%. The Underlying Security’s annualized performance during this period was -9%. 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_ztXkhbPhxmdj" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zywyLER1m4Ug" 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 style="font: 10pt Times New Roman, 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--DerivativesRiskMember_zxVkEv5JNQn3" 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_zBIRD8qSjBng" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zsUDAU9MuQgh" 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 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z4Uu4428ffm5" 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_zEgkFlXGL0d3" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zvmWupfRBC4a" 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_zAEiyNTBvdW2" 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--EtfRisksMember_zfwN8H4yZcY7" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zrekt14670da" 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 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--CashRedemptionRiskMember_znL5ohgSFfD" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zQMYkyvSnLzj" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zFYTn6aKUyJ1" 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_zV2FX5N9vRq6" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zUgEhZnI8l62" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zUQLMQUVjC9l" 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_zXBjVt6D0wO8" 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 style="font: 10pt Times New Roman, 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--TrackingErrorRiskMember_zYpMQYwUBt1h" 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_zNcZFHIBuMR2" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zu8Ggl43z8oc" 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_zJgVNlh6VOD2" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zgseDffTRMV8" 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_zBzeoy2sxYya" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z1H5DqUupaK2" 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_zzM2yA22vU07" 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 style="font: 10pt Times New Roman, 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--TaxRiskMember_zVcaT2W9c6Bf" 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_zzxQhA5DMPza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100082Member_zvtpWJToIMLa">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100082Member_zRzEsYmluNX6">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100082Member_zntyfoncyk9d">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100082Member_zNgq8Eqewgck">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 LONG BTQ ETF – FUND SUMMARY Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zGVpjn3yn0yh" 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 BTQ Technologies Corp. (Nasdaq: BTQ). 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_zjuBLdC1eOqh" 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_zjNHjxpolxbc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zYei3UYsRGTa" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100083Member_zJMlZxxT0FRf" style="border-bottom: Black 1pt solid; width: 86%"><b>Annual Fund Operating Expenses<sup id="xdx_F64_zpSs8G1LYeV7">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269893Member_z4Gbqauo3Mti" style="border-bottom: Black 1pt solid; width: 9%; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z2znk7EiuM9c" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4WOEnHyHaja" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zKKQd0Zc5YP3" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F47_zmVj76LnRj82">(2)</sup> (includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_ztCk8LzstpCj" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F46_zeg2pYD1oqPd">(3)</sup></td> <td> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F0F_ziInVVX6BlG9">(1)</sup></td><td id="xdx_F17_ziEpH117Hw93" 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_F0D_z4TmWLNwhg78">(2)</sup></td><td id="xdx_F1E_z7HPaE8WkpDe" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100083Member_zOlWGLHLFvEk">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_F0B_zNRPjfDlahhc">(3)</sup></td><td id="xdx_F10_zjqMBIFzDpHb" 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_A80_eoef--ExpenseExampleNarrativeTextBlock_zpDUDNpOp8F1" 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_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zburFpcceMw8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zihsKCWCjYQj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_zP834lFer2Le" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zYI2sVg65q4" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269893Member_z6LUq7jguOrj"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</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_znSmsbgcbwo3" 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 has not yet commenced operations, 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_A80_eoef--StrategyNarrativeTextBlock_zSaTvn2WDKH6" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100083Member_zOa2xSTJf39k">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">BTQ Technologies Corp. (“BTQ”)</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">BTQ Technologies Corp. is a Canadian quantum technology company developing post-quantum cryptography solutions and a vertically integrated quantum computing stack (hardware, middleware, security) aimed at securing mission-critical networks and blockchain systems. BTQ is listed on The Nasdaq Stock Market LLC (“Nasdaq”). Per BTQ’s most recent Form 40-F filing, the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2025 was 140,400,930 Common 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">BTQ is registered as a Canadian issuer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC related to BTQ pursuant to the Exchange Act can be located by reference to SEC file number 001-42794 through the SEC’s website at <span style="text-decoration: underline">www.sec.gov</span>. In addition, information regarding BTQ may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Furthermore, reports, statements or other information, other than confidential filings, that BTQ files with the Canadian provincial and territorial securities commissions are electronically available from SEDAR+ at www.sedarplus.ca.</p> <p style="font: 10pt Times New Roman, 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 BTQ or other securities of BTQ Technologies Corp. The Fund has derived all disclosures contained in this document regarding BTQ 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 BTQ. 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 BTQ 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 BTQ (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 BTQ 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 BTQ.</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 BTQ TECHNOLOGIES CORP. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, BTQ TECHNOLOGIES CORP.</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, BTQ Technologies Corp. has not participated in the development of the Fund’s investment strategy. BTQ Technologies Corp. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. BTQ Technologies 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 BTQ Technologies 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 BTQ 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, BTQ 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BtqRisksMember_zV5UbaoggAP7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>BTQ Risks</b>. The Fund invests in swap contracts and options that are based on the share price of BTQ. This subjects the Fund to certain of the same risks as if it owned shares of BTQ, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of BTQ, 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--IndirectInvestmentInBtqRiskMember_zzDM7C0Tp7Hj"></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 BTQ Risk</i>. BTQ 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 BTQ but will be exposed to the performance of BTQ (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from BTQ, 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BtqTradingRiskMember_zXhi8TMHRwh4"></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>BTQ Trading Risk</i>. The trading price of BTQ may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence BTQ’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence BTQ’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 BTQ’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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--BtqPerformanceRiskMember_z6XszUlJ2cwg"></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>BTQ Performance Risk</i>. BTQ may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of BTQ to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance BTQ provides may not ultimately be accurate. If BTQ’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 BTQ 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--BtqBusinessAndTechnologyRisksMember_z7WC40LwfOmj"></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>BTQ Business and Technology Risks</i>. BTQ is an early-stage company in the quantum technology sector, and its business model and products remain unproven at commercial scale. BTQ is developing post-quantum cryptography solutions and quantum computing systems in a market that is still emerging, where demand is uncertain and widespread adoption may not occur as expected. Success depends on BTQ’s ability to innovate in an area characterized by rapid technological change, where competitors with greater resources, including large technology firms and research institutions, may develop more effective, scalable, or cost-efficient solutions. Product development in this field is complex, costly, and uncertain, and BTQ may face challenges in moving from research to viable commercial offerings. Intellectual property protection in quantum technologies can be difficult to enforce, and adverse outcomes in patent disputes or regulatory matters could erode any competitive advantage. Failure to achieve market acceptance, keep pace with competing innovations, or establish strategic partnerships could materially impair the company’s growth and reduce the value of the Fund’s investment.</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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--BtqMarketAndListingRisksMember_z6biLWD8vG4a"></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>BTQ Market and Listing Risks</i>. BTQ has a limited operating history and may not achieve sustained profitability. Its ability to generate consistent revenue is uncertain, and it may need to raise additional capital to finance operations, which could dilute existing shareholders. As a newly listed company on Nasdaq, its securities may experience elevated price volatility, limited analyst coverage, and lower trading liquidity compared to more established issuers. These factors may make the stock more sensitive to market sentiment, small shifts in investor demand, or short-term news events. If BTQ cannot access capital markets on favorable terms, or if investor confidence is negatively impacted by business or industry developments, the value of the Fund’s investment could be materially adversely affected.</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--SoftwareIndustryRisksMember_z3SRAZDIHQxj"></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 Risks</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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewlyPublicCompanyRisksMember_zn59BjwAwIR6"></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>Newly Public Company Risks.</i> As a newly public company, BTQ faces risks and uncertainties that may not be present for more established public companies. BTQ has a limited operating history as a publicly traded entity, and there can be no assurance that BTQ will successfully navigate the increased obligations and scrutiny associated with being listed on a national securities exchange. The market price of BTQ’s common stock may be volatile and could decline regardless of BTQ’s operating performance. In addition, BTQ may experience limited liquidity in its shares, which could exacerbate price fluctuations. Furthermore, BTQ will incur significant additional expenses and devote substantial management resources to compliance with the requirements applicable to public companies, including those imposed by the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, and the rules of Nasdaq. BTQ’s management team may not have prior experience operating a public company, and any failure to maintain effective internal controls, reporting systems, or investor relations could adversely affect investor confidence in BTQ, its reputation, and the market value of its securities.</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--ForeignIssuerRisksMember_zVdd2Ypbc0Pj"></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>Foreign Issuer Risks. </i>BTQ is a foreign private issuer, and is permitted, under the multijurisdictional disclosure system adopted by the United States and Canada, to prepare disclosure documents filed under the Exchange Act in accordance with Canadian disclosure requirements. Under the Exchange Act, BTQ is subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a foreign private issuer, BTQ is exempt from the rules and regulations under the Exchange Act related to the furnishing and content of proxy statements. BTQ is also exempt from Regulation FD, which prohibits issuers from making selective disclosures of material non-public information. While BTQ expects to comply with the corresponding requirements relating to proxy statements and disclosure of material non-public information under Canadian securities laws, these requirements differ from those under the Exchange Act and Regulation FD and shareholders should not expect to receive in every case the same information at the same time as such information is provided by U.S. domestic issuers. In addition, as a foreign private issuer, BTQ has the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to United States securities laws and BTQ expects to rely on this exemption. As a result, BTQ shareholders may not have the same protections afforded to shareholders of U.S. domestic issuers that are subject to all United States corporate governance requirements.</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_zvPOweRAYoja" 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 style="font: 10pt Times New Roman, 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--CompoundingAndMarketVolatilityRiskMember_zN2ImDzLZrC2" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 28%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 April 25, 2023 (the earliest date available) to June 30, 2026 was 175.97%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 214.08%. The Underlying Security’s annualized performance during this period was 79.35%. 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zR3p8xZV6L42" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zFmYY15KtcTh" 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 style="font: 10pt Times New Roman, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_ziybhrx3aQfl" 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_zTrSINByeTy" 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_zpV7AaZD1KE4" 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 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zSOhUrCobA4d" 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_zqTlIHZMtild" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zdr5ZDsBfBak" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zJ1w8b41QrNb" 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_zU6gzk2Ck4D6" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zI6Iec7AYce6" 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 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--CashRedemptionRiskMember_zc7TjjQdVpt9" 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_zDQWtdVlcAzl" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zeM9oVMHJK9i" 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_zpCpj5w12hnk" 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_zRfujvL1WUAa" 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_zd2unUrWshRh" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z7xiibvVx2Nh" 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 style="font: 10pt Times New Roman, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zxET77wCxcRc" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zPywfjGCz8gk" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zrtTX5p6ddRl" 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_zLaba072Czr7" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_ziFtGPrm2SF" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zpyzIk2YiGSe" 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_z5WP1dB0LRs1" 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_zYsh6f92wVOe" 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 style="font: 10pt Times New Roman, 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--TaxRiskMember_zXzNoa07ZxU8" 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_zi6Qtkx4wRA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100083Member_zshJcPyJk07i">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100083Member_ziYs6vM167x9">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100083Member_z0cwNClWEaIh">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100083Member_zO8d69Uixmc8">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 LONG DYNC ETF – FUND SUMMARY Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zEEVJDshHi89" 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 Dynamix Corporation (Nasdaq: DYNC). 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_zgKgunf0aeTj" 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_zT9arakr3cNd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zPngez3DZhY2" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100084Member_zcDiC9VCyae" style="border-bottom: Black 1pt solid; width: 86%"><b>Annual Fund Operating Expenses<sup id="xdx_F6B_zxQxX9GVTltl">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269894Member_z0tq6bOAgKQ6" style="border-bottom: Black 1pt solid; width: 9%; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zenhv0ntftkb" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z1wYxeHy6Snl" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_ziKjAABCwUtl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F41_z94i7USWPrcb">(2)</sup> (includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zX4Intvuyao5" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F49_zZrQs8VpSD32">(3)</sup></td> <td> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_zNvCdHUh7e8d">(1)</sup></td><td id="xdx_F19_zhQSGnyKyLl1" 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_F0A_zPtTI79AKA7k">(2)</sup></td><td id="xdx_F1B_zUhkOVGuMXy1" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100084Member_zT7ShDh9IJUg">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_F07_zI0rEu2oLMjj">(3)</sup></td><td id="xdx_F18_zizps0vPh5b" 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_A8E_eoef--ExpenseExampleNarrativeTextBlock_zuKlvrSx8BK1" 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_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrHhogOeYTUf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z1VKFs96TBH6" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zvXfyQJsIqK5" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_487_eoef--ExpenseExampleYear03_z5GaXHnV0qZ9" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269894Member_zYdb3k8S6XX1"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</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_zMLVJjvOSh57" 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 has not yet commenced operations, 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_zfPDBpISi5Ff" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100084Member_zecRlxPe2zp8">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">Dynamix Corporation (“DYNC”)</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">Dynamix Corporation is a publicly traded special purpose acquisition company. Dynamix Corporation had previously publicly announced a business combination agreement, expected to close in the fourth quarter of 2025 subject to shareholder approval and other customary closing conditions, with The Ether Reserve, LLC, a strategic ether generation company that will aim to deliver long-term, risk-adjusted yield through staking, restaking, and decentralized finance. On April 8, 2026, Dynamix Corporation and The Ether Reserve, LLC entered into a termination agreement pursuant to which the parties agreed to mutually terminate the previously announced business combination agreement. Dynamix Corporation’s amended and restated memorandum and articles of association provide that it has until November 22, 2026 to complete its initial business combination. DYNC is listed The Nasdaq Stock Market LLC (“Nasdaq”). Per DYNC’s most recent Form 10-K filing, as of March 3, 2026, 16,600,000 Class A ordinary shares (DYNC) were issued and outstanding.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">DYNC is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by DYNC pursuant to the Exchange Act can be located by reference to SEC file number 001-42414 through the SEC’s website at www.sec.gov. In addition, information regarding DYNC 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 DYNC or other securities of Dynamix Corporation. The Fund has derived all disclosures contained in this document regarding DYNC 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 DYNC. 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 DYNC 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 DYNC (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 DYNC 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 DYNC.</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 DYNAMIX CORPORATION THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, DYNAMIX CORPORATION.</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, Dynamix Corporation has not participated in the development of the Fund’s investment strategy. Dynamix Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Dynamix Corporation 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 Dynamix Corporation.</p> <p style="font: 10pt Times New Roman, 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 DYNC 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, DYNC is assigned to the Financial 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DyncRisksMember_zM326zjb0Jc7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>DYNC Risks.</b> The Fund invests in swap contracts and options that are based on the share price of DYNC. This subjects the Fund to certain of the same risks as if it owned shares of DYNC, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of DYNC, 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--IndirectInvestmentInDyncRiskMember_z5jIhkxSRBPh"></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 DYNC Risk</i>. DYNC 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 DYNC but will be exposed to the performance of DYNC (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from DYNC, 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DyncTradingRiskMember_zdRKfYhJ69Ca"></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>DYNC Trading Risk</i>. The trading price of DYNC may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence DYNC’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence DYNC’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 DYNC’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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DyncPerformanceRiskMember_zUocoR9w5ll"></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>DYNC Performance Risk</i>. DYNC may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of DYNC to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance DYNC provides may not ultimately be accurate. If DYNC’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 DYNC 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DyncBusinessRiskMember_zoZ2qLWWGpqj"></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>DYNC Business Risks</i>. DYNC is an early-stage strategic ether generation company that will engage in staking, restaking, and decentralized finance and its business model remains unproven at commercial scale. DYNC is developing products and services related to digital assets and blockchain technologies, where demand is uncertain and widespread adoption may not occur as expected. Product and service development in this field is complex, costly, and uncertain. Failure to achieve market acceptance, keep pace with competing innovations, or establish strategic partnerships could materially impair the company’s growth and reduce the value of the Fund’s investment.</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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DyncMarketAndListingRisksMember_ztgA8qFGvt0g"></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>DYNC Market and Listing Risks</i>. DYNC has a limited operating history and may not achieve sustained profitability. Its ability to generate consistent revenue is uncertain, and it may need to raise additional capital to finance operations, which could dilute existing shareholders. As a newly listed company on Nasdaq, its securities may experience elevated price volatility, limited analyst coverage, and lower trading liquidity compared to more established issuers. These factors may make the stock more sensitive to market sentiment, small shifts in investor demand, or short-term news events. If DYNC cannot access capital markets on favorable terms, or if investor confidence is negatively impacted by business or industry developments, the value of the Fund’s investment could be materially adversely affected.</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--FinancialsServicesIndustryRiskMember_zWoqy6UorISh"></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>Financials Services Industry Risk. </i>Companies in the financial services industry, such as retail and commercial banks, brokerage firms, insurance companies and financial services companies, are especially subject to the adverse effects of economic recession, currency exchange rates, extensive government regulation, decreases in the availability of capital, volatile interest rates, portfolio concentrations in geographic markets, industries or products (such as commercial and residential real estate loans) and competition from new entrants and blurred distinctions in their fields of business. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by such regulation. The impact of changes in capital requirements, or recent or future regulation, on any financial company or on the financials sector as a whole cannot be predicted. The financials sector can be a target or cyberattacks, and may experience technology malfunctions and disruptions. These risks may be amplified for companies that operate online and digital platforms. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector.</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--BlockchainRelatedCompanyRiskMember_ztRtNeYuudrj"></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>Blockchain Related Company Risk. </i>The performance of DYNC, and consequently the Fund’s performance, is subject to the risks relating to companies engaged in blockchain related activities. The “blockchain” is a peer to peer, shared, digital ledger that facilitates the process of recording transactions and tracking assets. Cryptocurrencies are digital currencies that use blockchain technology to record and secure every transaction. Blockchain technology is new and its uses are in many cases untested or unclear. Blockchain related companies involved in cryptocurrencies may face volatile rates of adoption and face intense competition and potentially rapid product obsolescence. These companies may also have significant exposure to fluctuations in the spot prices of digital assets, particularly to the extent that demand for a service may increase as the spot price of digital assets increase. Many blockchain companies currently operate under less regulatory scrutiny than traditional financial services companies and banks, but there is significant risk that regulatory oversight could increase in the future. Higher levels of regulation could increase costs and adversely impact the current business models of some blockchain related companies and could even result in the outright prohibition of certain business activities. Any further restrictions imposed by governments on crypto-currency related activities may adversely impact blockchain companies. In contrast, a higher level of certainty relating to governmental regulation could serve to enhance the performance of certain blockchain-related companies. In addition, many blockchain companies store sensitive consumer information and could be the target of cybersecurity attacks and other types of theft, which could have a negative impact on these companies. Access to a given blockchain may require a specific cryptographic key (in effect a string of characters granting unique access to initiate transactions related to specific digital assets) or set of keys, the theft, loss, or destruction of which, either by accident or as a <i>result of the efforts of a third-party, could irrevocably impair a claim to the digital assets stored on that blockchain.</i></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--DigitalAssetsRiskMember_z9IkiHHvz8D9"></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>Digital Assets Risk. </i>Digital assets like Ether, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. The trading platforms for digital assets are relatively new, largely unregulated, and thus more vulnerable to fraud and failures compared to traditional, regulated exchanges. Shutdowns of these platforms due to fraud, technical glitches, or security issues can significantly affect digital asset prices and market volatility.</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--DigitalAssetMarketsRiskMember_zDhrgizaZ08"></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>Digital Asset Markets Risk. </i>The digital asset market, including Ether, has experienced considerable volatility, leading to market disruptions and erosion of confidence among market participants. This instability and the resultant negative publicity could adversely affect DYNC’s the Fund’s reputation and trading prices. Ongoing market turbulence could significantly impact the value of the Fund’s share.</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--NewlyPublicCompanyRisksMember_z7ZBqC5m8uxg"></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>Newly Public Company Risks.</i> As a newly public company, DYNC faces risks and uncertainties that may not be present for more established public companies. DYNC has a limited operating history as a publicly traded entity, and there can be no assurance that DYNC will successfully navigate the increased obligations and scrutiny associated with being listed on a national securities exchange. The market price of DYNC’s common stock may be volatile and could decline regardless of DYNC’s operating performance. In addition, DYNC may experience limited liquidity in its shares, which could exacerbate price fluctuations. Furthermore, DYNC will incur significant additional expenses and devote substantial management resources to compliance with the requirements applicable to public companies, including those imposed by the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, and the rules of Nasdaq. DYNC’s management team may not have prior experience operating a public company, and any failure to maintain effective internal controls, reporting systems, or investor relations could adversely affect investor confidence in DYNC, its reputation, and the market value of its securities.</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> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zw8c1NvmPeM7" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zkYKVau0xhy4" 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="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> <td colspan="4" style="vertical-align: top"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td colspan="4" style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 28%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 December 9, 2024 (the earliest date available) to June 30, 2026 was 19.49%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 22.99%. The Underlying Security’s annualized performance during this period was 1.94%. 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 id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zN3gy8jJqif8" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zJFOnN5j0nZ5" 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 style="font: 10pt Times New Roman, 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--DerivativesRiskMember_zIm7QeMm2zfb" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zXuwJC7wuv7i" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zbOW1lGLA4xc" 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 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zyfZVGFCDTR7" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_z1gwLTU2fWNf" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zCmaa621e9ze" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zg70ol1Wbanc" 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_z8njI4MdyLga" 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_z8F227wFj7pd" 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 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--CashRedemptionRiskMember_zlUWHMZGDn54" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zGMa0Dl9U4L1" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zHooZwYUWJxb" 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_zEhthGZjg4Jd" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zwWxnWeccIQ" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zFdVNHzq0Bie" 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_zAcqGheOV1Qk" 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 style="font: 10pt Times New Roman, 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--TrackingErrorRiskMember_zeQEhGSSC8B1" 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_z7LtkyzhpM14" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zuEXujV1QN44" 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--NewFundRiskMember_zPzhD1vrCon4" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_znQc6O9b0c15" 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_zUJ9k4oEJYke" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zGyQXoqKufpi" 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_zW2MQgoH5kf8" 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 style="font: 10pt Times New Roman, 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zblLDV8K8cvf" 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_A87_eoef--PerformanceNarrativeTextBlock_zCUbVNb7hLCj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100084Member_zpYnNRdVvKu5">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100084Member_ziByP7AXHs25">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100084Member_zZG61Guxqlki">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100084Member_z068xt1xYOf4">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 JBLU ETF – FUND SUMMARY Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zNVXGmWrWVA5" 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 JetBlue Airways Corporation (Nasdaq: JBLU). 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_zk5ihnsu9J5d" 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_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zRDFh1lyv3n8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zM95sAlc8sai" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100085Member_zTcnpSkbQodb" style="border-bottom: Black 1pt solid; width: 86%"><b>Annual Fund Operating Expenses<sup id="xdx_F64_zWo1dU9xcQC4">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269895Member_z8sQFJZMQRRb" style="border-bottom: Black 1pt solid; width: 9%; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z9Gwc4gmb1m2" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zruSvBEwLmy5" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zMAm1pyMFiwl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F42_zpZzFP5lV3s">(2)</sup> (includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zlOl5gkuFLDj" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F40_znRCRRXiGSB1">(3)</sup></td> <td> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F0F_zKW4Cs9bEPWc">(1)</sup></td><td id="xdx_F15_zEwxYSSTZmD" 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_F0D_za2YK7g6OpHb">(2)</sup></td><td id="xdx_F11_zXi3BsvjTqhh" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100085Member_zCQwGfbBIGj">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_F0C_z7sclDdHv2o8">(3)</sup></td><td id="xdx_F14_zkyZR98b4eOd" 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_zgMAT92cGLhf" 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_zWUASvH1L1i4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zHWtR7XVGnjd" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zjADaWA9Oclk" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zWWtApvQ6Oaf" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269895Member_zolkOJAiy68l"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</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_zd14SKxb43Ej" 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 has not yet commenced operations, 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_A86_eoef--StrategyNarrativeTextBlock_z5U1dv7WwiWl" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100085Member_zgyhDQoDoes5">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">JetBlue Airways Corporation (“JBLU”)</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">JetBlue Airways Corporation is a U.S.-based low-cost airline that provides passenger air transportation services, primarily serving domestic routes and select international destinations in the Americas. JBLU is listed on The Nasdaq Stock Market LLC (“Nasdaq”). Per JBLU’s most recent Form 10-K filing, the aggregate market value of its common stock held by non-affiliates as of June 30, 2025 was approximately $1.5 billion (based on the last reported sale price on Nasdaq on that date).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">JBLU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by JBLU pursuant to the Exchange Act can be located by reference to SEC file number 000-49728 through the SEC’s website at www.sec.gov. In addition, information regarding JBLU 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 JBLU or other securities of JetBlue Airways Corporation. The Fund has derived all disclosures contained in this document regarding JBLU 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 JBLU. 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 JBLU 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 JBLU (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 JBLU 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 JBLU.</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 JETBLUE AIRWAYS CORPORATION THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, JETBLUE AIRWAYS CORPORATION.</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, JetBlue Airways Corporation has not participated in the development of the Fund’s investment strategy. JetBlue Airways Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. JetBlue Airways Corporation 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 JetBlue Airways Corporation.</p> <p style="font: 10pt Times New Roman, 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 JBLU 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, JBLU is assigned to the Passenger Airlines 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--JbluRisksMember_zneB4jkhdVeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>JBLU Risks.</b> The Fund invests in swap contracts and options that are based on the share price of JBLU. This subjects the Fund to certain of the same risks as if it owned shares of JBLU, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of JBLU, 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--IndirectInvestmentInJbluRiskMember_zrcysbHHbycg"></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 JBLU Risk</i>. JBLU 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 JBLU but will be exposed to the performance of JBLU (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from JBLU, 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--JbluTradingRiskMember_z3KCSuvB7Nc3"></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>JBLU Trading Risk.</i> The trading price of JBLU may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence JBLU’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence JBLU’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 JBLU’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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--JbluPerformanceRiskMember_zjJNufU0ax34"></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>JBLU Performance Risk.</i> JBLU may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of JBLU to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance JBLU provides may not ultimately be accurate. If JBLU’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 JBLU 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--JbluCompetitiveOperationalFuelAndFleetRisksMember_zXR4jjjVohh6"></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>JBLU Competitive, Operational, Fuel and Fleet Risks</i>. JBLU operates in the intensely competitive airline industry with low profit margins, high fixed costs, and constant pressure from larger carriers, low-cost competitors, and new market entrants. JBLU’s ability to maintain revenue and market share depends on sustaining competitive fares and customer loyalty in an environment where technological alternatives to travel and industry consolidation may also reduce demand. Profitability is further exposed to volatility in fuel prices and supply, which represent a significant portion of operating expenses and are influenced by geopolitical events, refining constraints, and regional market conditions; competitive factors may limit the company’s ability to pass increased costs through to passengers. Operational performance is concentrated in the New York metropolitan area and other focus cities, where congestion, weather events, and air traffic control staffing shortages can lead to delays, cancellations, and reduced aircraft utilization, harming both revenue and reputation. These risks are compounded by reliance on a limited number of aircraft and engine types and the need for timely deliveries, maintenance, and supplier performance. Groundings, inspection mandates, part shortages, or aging fleet costs may reduce available capacity, increase expenses, and negatively impact JBLU’s financial performance.</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--JbluFinancialLeverageLiquidityAndCapitalMarketRisksMember_zWQm4KYGN94j"></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>JBLU Financial Leverage, Liquidity and Capital Market Risks</i>. JBLU has significant fixed obligations for debt, leases, and aircraft purchase commitments. Higher interest rates, covenant restrictions, credit rating changes, reserve requirements by credit card processors, or limited access to capital markets could constrain liquidity and financial flexibility. JBLU may need to raise additional capital during periods of stress, which could be dilutive and may not be available on acceptable terms. Impairments of long-lived or intangible assets, as well as volatility in quarterly results due to seasonality, fuel, maintenance, and one-time charges, can further affect reported earnings and share price.</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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--JbluCybersecurityAndReputationalRisksMember_zjlZSeRmrcrk"></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>JBLU Cybersecurity and Reputational Risks</i>. JBLU relies on complex information technology systems and third-party providers to support operations and manage sensitive customer, employee, and partner data. Cyberattacks, data breaches, or significant system outages could disrupt operations, result in regulatory actions, and increase compliance and remediation costs. In addition, reputational harm may arise from accidents, safety incidents, service disruptions, or negative publicity amplified by social media. Even events outside JBLU’s control, such as severe weather or infrastructure failures, can damage brand perception if customers associate them with JBLU’s reliability. Any significant cybersecurity incident or reputational setback could materially reduce demand for JBLU’s services and adversely affect financial results and share price.</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--AirlinesIndustryRiskMember_zUiv3lNcRSrl"></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>Airlines Industry Risk.</i> The airline industry faces a range of operational and financial risks that can affect profitability and long-term viability. Demand for air travel is closely tied to macroeconomic conditions, consumer confidence, and discretionary income, making the industry vulnerable to economic downturns, geopolitical instability, and public health events. Fuel costs represent a significant and volatile operating expense, with fluctuations directly impacting margins. Airlines also operate within a complex regulatory environment covering safety, environmental standards, labor practices, and international aviation agreements, non-compliance with which can result in penalties, operational restrictions, or reputational harm. Additionally, labor relations play a critical role in operational stability, as workforce shortages or union disputes can lead to service disruptions. Capacity planning, route management, and fleet utilization are essential to maintaining profitability, and missteps in these areas may lead to inefficiencies, overcapacity, or missed revenue opportunities.</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_zmBivagJwdx7" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zhpa4y968OT8" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td colspan="2" style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 28%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right">-<span style="color: White">61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 61.02%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 80.25%. The Underlying Security’s annualized performance during this period was -19.33%. 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_z7zFQDTVfx2i" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zvEhE1sXe3E1" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zUGl5KXjERD" 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_zgS5gJXRcabd" 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_zRXqH01QrUUg" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zeWHeUKe0Jrg" 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_z3lI7TSWzqyk" 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_zEDfEjvnbIW5" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zIHnJSDdEWgh" 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--EtfRisksMember_ztoi75964sb6" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z3bbP4pUirac" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_ztRjWBlNRVx" 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_ziHZFljrVXEg" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z2yis9XGrBFf" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zhCLKLha9aj5" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zpsQhUgTvTXg" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_z7YUEMeb0pJh" 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--HighPortfolioTurnoverRiskMember_zyLcGOKqFrJi" 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_zksUogBEWYG4" 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_zphqHQiE91Hk" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zwp9NsCRCoc9" 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--NewFundRiskMember_zQ3G9UZ9pOFc" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zsUeFPIozVVh" 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_zhc9H8Qt42Qe" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zvGjYvXSG3qd" 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_z5grAq89WQ0k" 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_zXw8r5atRTii" 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_A80_eoef--PerformanceNarrativeTextBlock_zCGt6LflthN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100085Member_zkLZmiMoR9ol">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100085Member_zntFbL2V6YC7">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100085Member_zu05qTJk1ky1">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100085Member_zgEB1GamCGVe">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 LONG NOK ETF – FUND SUMMARY Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zpJYtlmiozb5" 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 Nokia Corporation - ADR (NYSE: NOK). 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_zvL7GO30KI83" 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_zyZEPo55e5P6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zsoDUIsqyis1" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100086Member_zUtHOWBCWr1d" style="border-bottom: Black 1pt solid; width: 86%"><b>Annual Fund Operating Expenses<sup id="xdx_F61_zeeJCCVVWOoa">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 3%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269896Member_zr98KKxy0W16" style="border-bottom: Black 1pt solid; width: 9%; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z406HKAEyMs7" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgffzCFipnV9" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zcCTZGhSNqU4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F49_zRyNLUnNEhuj">(2)</sup> (includes interest and brokerage expense)</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">0.01</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zUaHETUnioE" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F46_zQ1O7x6RK3ij">(3)</sup></td> <td> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.30</td> <td style="border-bottom: Black 1.5pt double">%</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_F03_zuyAdX1mJ6k2">(1)</sup></td><td id="xdx_F14_z49Di8sp8Xol" 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_F0E_zexESRBZgkc5">(2)</sup></td><td id="xdx_F1F_z4W4mPRxNul4" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100086Member_zDkyc38QT439">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_F0B_zp9MKndEDe3i">(3)</sup></td><td id="xdx_F15_zivIcF2d7HVc" 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 0.0001 0.0130 Based on estimated amounts for the current fiscal year. Expense Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zR0KSLNpoZP4" 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_zsmCVlXsMbV"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zkKGoQuN8Zxj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zosC3UOUiCGa" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zGfrw619hj86" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269896Member_z0SbrWsk4tKh"> <td style="border-bottom: Black 1pt solid; text-align: center">$132</td> <td style="border-bottom: Black 1pt solid; text-align: center">$412</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_A8B_eoef--PortfolioTurnoverTextBlock_zz4i9kT4wo26" 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 20, 2026 (commencement of operations) to April 30, 2026, the Fund’s portfolio turnover was <span id="xdx_903_eoef--PortfolioTurnoverRate_c20260828__20260828__dei--LegalEntityAxis__custom--S000100086Member_zOnVD768uQ64">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_A88_eoef--StrategyNarrativeTextBlock_z2yQQ5CKLjv1" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100086Member_zpim3zGyZKZ5">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">Nokia Corporation (“NOK”)</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">Nokia Corporation is a Finland-based multinational technology company that develops and licenses telecommunications equipment, network infrastructure, and related services, with operations spanning mobile networks, cloud technologies, and advanced research in connectivity. The ADRs of NOK are listed on the New York Stock Exchange (“NYSE”). Per NOK’s most recent Form 20-F filing, the number of outstanding shares of each of its classes of capital or common stock as of December 31, 2025, was approximately 5.7 billion 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">NOK 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 NOK pursuant to the Exchange Act can be located by reference to SEC file number 001-13202 through the SEC’s website at www.sec.gov. In addition, information regarding NOK 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 NOK or other securities of Nokia Corporation. The Fund has derived all disclosures contained in this document regarding NOK 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 NOK. 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 NOK 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 NOK (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 NOK 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 NOK.</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 NOKIA CORPORATION. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, NOKIA CORPORATION.</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, Nokia Corporation has not participated in the development of the Fund’s investment strategy. Nokia Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Nokia Corporation 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 Nokia Corporation.</p> <p style="font: 10pt Times New Roman, 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 NOK 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, NOK 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NokRisksMember_zdQ8clzPrpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOK Risks.</b> The Fund invests in swap contracts and options that are based on the share price of NOK. This subjects the Fund to certain of the same risks as if it owned shares of NOK, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of NOK, 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInNokRiskMember_zeNtjwILhBn8"></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 NOK Risk.</i> NOK 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 NOK but will be exposed to the performance of NOK (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from NOK, 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--NokTradingRiskMember_zSLwcl0oQLQf"></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>NOK Trading Risk.</i> The trading price of NOK may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence NOK’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence NOK’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 NOK’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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NokPerformanceRiskMember_zsYZnKYRvRb5"></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>NOK Performance Risk.</i> NOK may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of NOK to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance NOK provides may not ultimately be accurate. If NOK’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 NOK 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BusinessTechnologyAndSupplyChainRisksMember_zUO0Yvbp2Ana"></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>Business, Technology, and Supply Chain Risks</i>. NOK operates in a competitive and rapidly evolving telecommunications and networking industry, where growth depends on successful innovation, securing large-scale contracts, and monetizing technologies such as 5G, optical networks, and cloud infrastructure. Delays in technology development, slower-than-expected customer adoption, or the loss of key opportunities could materially affect revenues and margins. In addition, NOK’s intellectual property licensing business is an important source of income and is exposed to disputes, regulatory actions, and changes in industry standards that could reduce licensing revenue. NOK also relies on a complex global supply chain for components, manufacturing, and logistics. Disruptions caused by shortages of semiconductors, supplier failures, logistics constraints, or trade restrictions may delay deliveries, raise costs, and impair NOK’s ability to meet customer obligations.</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--FinancialContractualAndCustomerRisksMember_z0qAKrhEoPP2"></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>Financial, Contractual, and Customer Risks</i>. NOK’s business requires substantial investment in research, development, and network deployment, which depends on generating adequate cash flow or securing financing under favorable terms. Adverse credit market conditions, increased interest rates, or downgrades in credit ratings could limit access to capital or increase costs, and acquisitions or strategic investments may result in impairments if integration does not succeed as planned. NOK also enters into long-term contracts that often include performance guarantees, service-level commitments, and penalties for delays or failures. Failure to deliver on these terms could result in significant costs or contract losses. Customer concentration risk is also significant; the loss or reduced spending of a major operator could materially affect revenues.</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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LegalRegulatoryAndComplianceRisksMember_zE1bTYFlo14g"></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>Legal, Regulatory, and Compliance Risks</i>. NOK is subject to extensive regulation across multiple jurisdictions, including export controls, data protection, antitrust rules, cybersecurity mandates, and environmental requirements. Shifts in government policy, including restrictions on foreign participation in telecom infrastructure or new compliance obligations, could limit market opportunities and increase costs. Export controls and sanctions may restrict Nokia’s ability to sell to certain customers or regions. NOK is also exposed to ongoing litigation and regulatory investigations, particularly related to intellectual property, which may result in costly settlements, fines, or injunctions. </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--CommunicationsEquipmentIndustryRisksMember_zfPLIYlO7wD7"></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, 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zMSMWGeNw8u7" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zWzV6LYIrFdc" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td colspan="4" style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 37.05%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 53.86%. The Underlying Security’s annualized performance during this period was 20.06%. 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_zFk1zfFtXtg5" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zQnwxjtK1w8h" 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_zQyhi2xr995f" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zwzduqu78tth" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zAK4b23FrhXh" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z4VOv8frtkjc" 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_ziq0NYE1xDAa" 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_zQcbasOlV3df" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zFQ2gXUot6q9" 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_z8bqApTlkqJd" 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_zNTerP8j8O8h" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z1ylgSQlnIuf" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zEHc0QrcPce8" 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_zcnW0JAxvqS7" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zO95QVbPgOEe" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zvxaQ3e5dhq2" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zs1tNbi8q2b" 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_zPaSkQlB1D89" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z8Xwvsg9CLs5" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zglcMvMfgfqi" 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_zIqGtqZlwWe5" 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--NewFundRiskMember_z9ToZle9ln7i" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zDGdyx0Cs79k" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zEjVNn3gnUhl" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_ze7ngRCqHKl1" 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_zaX6fUBG1k58" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zxldLFuVeKHj" 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_A87_eoef--PerformanceNarrativeTextBlock_zyjMy3ydeVHd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100086Member_z2HibH70CzX3">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100086Member_z4PmssaicH6">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100086Member_zjYxqvZjltVi">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100086Member_zpmUH5FGBNR1">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 LONG OXY ETF – FUND SUMMARY Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zwJWPowRutB2" 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 Occidental Petroleum Corporation (NYSE: OXY). 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_A86_eoef--ExpenseNarrativeTextBlock_ztVP0vWgFNTj" 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_zV6RPGVau2mk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z2r90ir8JQE7" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100087Member_zbDXMK0WVAR5" style="border-bottom: Black 1pt solid; width: 92%; text-align: justify"><b>Annual Fund Operating Expenses<sup id="xdx_F6C_zkcjXpNeMcP4">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269897Member_zPzYCa3c73t1" style="border-bottom: Black 1pt solid; width: 5%; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: justify"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zX4iKnxiD8lk" style="vertical-align: bottom"> <td style="text-align: justify">Management Fee</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">1.29</td> <td style="text-align: justify">%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmLvfLNOgJK" style="vertical-align: bottom"> <td style="text-align: justify">Distribution and Service (12b-1) Fees</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="text-align: right">None</td> <td style="text-align: justify"> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zGdk0DQWOKVc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">Other Expenses<sup id="xdx_F4C_z5OgNxN3j1Ya">(2)</sup> (includes interest and brokerage expense)</td> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.02</td> <td style="border-bottom: Black 1pt solid; text-align: justify">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zhxKMgCaJay7" style="vertical-align: bottom"> <td style="text-align: justify">Total Annual Fund Operating Expenses<sup id="xdx_F4E_zZGooIK0QSU7">(3)</sup></td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double; text-align: justify">%</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_F0A_zxN0IOvccwG6">(1)</sup></td><td id="xdx_F12_zEIFKqmO4138" 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_F09_zXRYMhJDcQ25">(2)</sup></td><td id="xdx_F11_znTUkPJQdlJi" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100087Member_z7CI9IWFEPIf">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_F0E_z7Q0rR58tP4c">(3)</sup></td><td id="xdx_F14_zlIyVV2CWI69" 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_A81_eoef--ExpenseExampleNarrativeTextBlock_zmtBX5SAXBX3" 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_z9AR2c2Rx9X8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zsVMfGJ3KKie" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zoYro9xffCeg" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zT1OIqnqePs9" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269897Member_zoD20a6vZIEl"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</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_A83_eoef--PortfolioTurnoverTextBlock_zUa9U66mHx2i" 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 has not yet commenced operations, 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_zIgdCP1BMpLg" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100087Member_znZA34xRdNIj">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">Occidental Petroleum Corporation (“OXY”)</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">Occidental Petroleum Corporation is a global energy company with major oil and gas operations in the U.S., Middle East, and North Africa, complemented by midstream, chemical, and low-carbon ventures that support production, marketing, and decarbonization initiatives. OXY is listed on the New York Stock Exchange (“NYSE”). Per OXY’s most recent Form 10-K filing, the aggregate market value of its common stock held by nonaffiliates was approximately $41.4 billion computed by reference to the stock’s closing price on the NYSE on June 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">OXY is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by OXY pursuant to the Exchange Act can be located by reference to SEC file number 001-09210 through the SEC’s website at www.sec.gov. In addition, information regarding OXY 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 OXY or other securities of Occidental Petroleum Corporation. The Fund has derived all disclosures contained in this document regarding OXY 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 OXY. 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 OXY 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 OXY (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 OXY 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 OXY.</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 OCCIDENTAL PETROLEUM CORPORATION. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, OCCIDENTAL PETROLEUM CORPORATION.</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, Occidental Petroleum Corporation has not participated in the development of the Fund’s investment strategy. Occidental Petroleum Corporation does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Occidental Petroleum Corporation 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 Occidental Petroleum Corporation</p> <p style="font: 10pt Times New Roman, 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 OXY 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, OXY is assigned to the Oil, Gas &amp; Consumable Fuels 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--OxyRisksMember_zHObLoZ3Ehk1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>OXY Risks.</b> The Fund invests in swap contracts and options that are based on the share price of OXY. This subjects the Fund to certain of the same risks as if it owned shares of OXY, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of OXY, 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInOxyRiskMember_z0QyEaDf2tx5"></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 OXY Risk.</i> OXY 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 OXY but will be exposed to the performance of OXY (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from OXY, 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--OxyTradingRiskMember_zssWF0SU6WGi"></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>OXY Trading Risk. The</i> trading price of OXY may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence OXY’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence OXY’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 OXY’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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OxyPerformanceRiskMember_z35JFpJI01N8"></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>OXY Performance Risk.</i> OXY may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of OXY to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance OXY provides may not ultimately be accurate. If OXY’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 OXY 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OxyCommodityPriceAndMarketRisksMember_zM7ZjUHqUcSh"></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>OXY Commodity Price and Market Risks. </i>OXY’s financial results are highly sensitive to fluctuations in the prices of oil, natural gas liquids (NGL), natural gas, and chemical products. These prices are driven by global and regional supply and demand dynamics outside of OXY’s control, including geopolitical instability, actions by oil-producing nations, weather patterns, technological advances, and shifts in global economic conditions or energy consumption. Sustained price declines or volatility could reduce revenues, impair reserves, delay or cancel projects, and result in asset impairments. The profitability of OXY’s chemical segment is also subject to cyclical demand for industrial products and changes in feedstock and energy costs. Because OXY does not maintain active commodity hedges, it remains directly exposed to price fluctuations.</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--OxyEnvironmentalClimateAndRegulatoryRisksMember_z7dRrTgpbG0b"></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>OXY Environmental, Climate, and Regulatory Risks. </i>OXY operates under extensive environmental, safety, and climate-related regulations that may increase costs, require significant capital investment, or restrict production. Future policies such as carbon taxes, emissions limits, or restrictions on hydrocarbon development could materially affect operations. The company is also exposed to risks from stakeholder activism, evolving investor expectations, and potential litigation or reputational harm related to climate change. Global shifts toward low-carbon energy and technological alternatives may reduce long-term demand for fossil fuels, negatively impacting OXY’s growth prospects and stock valuation.</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--OxyOperationalAndGeopoliticalRisksMember_zbiOCTnEpIue"></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>OXY Operational and Geopolitical Risks. </i>OXY’s operations face risks from accidents, equipment failures, unplanned downtime, and cost overruns on large-scale projects. International operations, particularly in the Middle East and North Africa, are exposed to political instability, armed conflict, terrorism, and potential government actions such as expropriation. Broader geopolitical developments, including wars, sanctions, tariffs, and trade restrictions, could further disrupt operations and create financial volatility.</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--OxyFinancialCounterpartyAndLegalRisksMember_z6I4VsMforDe"></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>OXY Financial, Counterparty, and Legal Risks. </i>OXY carries a substantial debt load that constrains financial flexibility and could limit its ability to pursue growth or return capital to shareholders. Rising interest rates, credit rating downgrades, or restricted access to capital markets could increase funding costs and reduce liquidity. The company also depends on joint ventures, contractors, and counterparties, exposing it to risks of non-performance or financial instability by third parties. In addition, OXY may be subject to litigation, regulatory enforcement, or contractual disputes, including environmental or safety-related claims, which could result in material financial liabilities.</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--OilGasAndConsumableFuelsIndustryRiskMember_zY7sTOulHMYh"></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>Oil, Gas, and Consumable Fuels Industry Risk. </i>Companies in the oil, gas, and consumable fuels industry are highly sensitive to global energy price fluctuations, operational risks from environmental accidents and natural disasters, and regulatory or policy changes that may restrict operations or increase costs. High capital investment requirements, reliance on debt, and exposure to service and supply chain vulnerabilities heighten these risks. In addition, sustainability concerns and the global transition to alternative energy sources may reduce demand for fossil fuel–based companies, leading to increased volatility and potential adverse impacts on valuations.</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_zjrLmQSd80A9" 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_z7UPYI3nqDuj" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr> <td colspan="4" style="vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 28%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 39.06%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 56.98%. The Underlying Security’s annualized performance during this period was 9.20%. 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zYLhLSRFLtl4" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zIUUDdFwVN1d" 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_zavI66ApnzAi" 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_zZBZR4sWhoR5" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zrHJLktG52eb" 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_z36uj1kT2hia" 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_zXZOhi9vYKB6" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zwTYHIUtouSg" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zkrdV6JMRCdj" 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--EtfRisksMember_z8siOUCNHKrc" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zodbE8tuCSW" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zjt8GGQeNOba" 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_zE6EgumzeqP4" 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z1dyY5gxtKfc" 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_zmpDW4CxLoxe" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zCuk8jes8o36" 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_zsDC9vm5oHGc" 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_z9hfrFVMgxr4" 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_zIeVLKOc7WW" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zcmhz5FCmqQ3" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zvWLrbjw9Bx6" 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--NewFundRiskMember_zExsrpAaYmL3" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zNvbOf2ZyPqd" 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_zwITQvKdk1j2" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z9dO3p1SWK7c" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_zlDy4KDKuRg3" 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_zTglallGPAs7" 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_z3Uqb6FrlhYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100087Member_zh0oQC8xFzda">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100087Member_znYCIuvEPyTl">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100087Member_zDICj59PCAIa">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100087Member_zKsFQYVIN0H1">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 LONG RMBS ETF – FUND SUMMARY Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zAOAKQZ1K9" 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 Rambus Inc. (Nasdaq: RMBS). 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_zx00aFe044s9" 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_zZwHO8wG9Cp4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zpvENL0nuZra" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; visibility: hidden; vertical-align: bottom"> <td> </td> <td> </td> <td> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269898Member_zRTZg53k1RAh" style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td colspan="5" id="xdx_988_eoef--OperatingExpensesCaption_c20260828__20260828__dei--LegalEntityAxis__custom--S000100088Member_zEkzf0lKN8t2" style="border-bottom: Black 1pt solid"><b>Annual Fund Operating Expenses<sup id="xdx_F6E_zQ5pol8R6VBi">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zRKV1IzCnjF" style="vertical-align: bottom"> <td style="width: 93%">Management Fee</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 4%; text-align: right">1.29</td> <td style="width: 1%">%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBTVDPYjb6U5" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z006qcWRoqwf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F4F_zvFF8eaOJux1">(2)</sup> (includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_z3Bzx86H5vL8" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F46_zjqWPrGrGevg">(3)</sup></td> <td> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F00_z4nNAYkOd2hc">(1)</sup></td><td id="xdx_F16_zeyWEl5Chqjg" 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_F00_zBfIlrwJciJi">(2)</sup></td><td id="xdx_F1D_zmSdwBzce2Ke" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100088Member_zriWgI1ms3Cg">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_F0C_zF3pelrdmEy2">(3)</sup></td><td id="xdx_F1A_z4bXjt6wdOwa" 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_A82_eoef--ExpenseExampleNarrativeTextBlock_zkPRnuci5Kqa" 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_zwOY4nbqlmre"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zRrrl1a8lO7f" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zPRAW1REw5ee" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zy7O9b5IgoS9" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269898Member_zrkooIjkRBz6"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</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_z6QHiFebsNTl" 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 has not yet commenced operations, 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_ztjgCV1fPYz9" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100088Member_z0VcWdIbTIW7">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"><b><span style="text-decoration: underline">Rambus Inc. (“RMBS”)</span></b></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; text-align: justify">Rambus Inc. is a global semiconductor company that develops memory and security solutions for data centers and artificial intelligence applications. RMBS is listed on The NASDAQ Stock Market LLC (“Nasdaq”). Per RMBS’s most recent Form 10-K filing, the aggregate market value of its common stock held by non-affiliates as of June 30, 2025 was approximately $5.2 billion based upon 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">RMBS is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by RMBS pursuant to the Exchange Act can be located by reference to SEC file number 000-22339 through the SEC’s website at www.sec.gov. In addition, information regarding RMBS 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 RMBS or other securities of Rambus Inc. The Fund has derived all disclosures contained in this document regarding RMBS 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 RMBS. 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 RMBS 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 RMBS (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 RMBS 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 RMBS.</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 RAMBUS INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, RAMBUS 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, Rambus Inc. has not participated in the development of the Fund’s investment strategy. Rambus Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Rambus 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 Rambus 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 RMBS 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, RMBS is assigned to the Semiconductors &amp; Semiconductor 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RmbsRisksMember_zv2zKQV5v6Q9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>RMBS Risks.</b> The Fund invests in swap contracts and options that are based on the share price of RMBS. This subjects the Fund to certain of the same risks as if it owned shares of RMBS, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of RMBS, 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--IndirectInvestmentInRmbsRiskMember_zLvIq1cZSUWl"></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 RMBS Risk</i>. RMBS 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 RMBS but will be exposed to the performance of RMBS (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from RMBS, 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--RmbsTradingRiskMember_zo2eIvDfubyj"></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>RMBS Trading Risk.</i> The trading price of RMBS may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence RMBS’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence RMBS’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 RMBS’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--RmbsPerformanceRiskMember_z5C2obWCa9Lb"></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>RMBS Performance Risk.</i> RMBS may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of RMBS to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance RMBS provides may not ultimately be accurate. If RMBS’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 RMBS 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RmbsCustomerAndRevenueRisksMember_zeFJyhrpmDma"></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>RMBS Customer and Revenue Risks. </i>RMBS relies heavily on a limited number of customers and licensing arrangements for a substantial portion of its revenue. The loss of a major customer, reduced demand for products incorporating its technology, or the conversion of royalty-generating licenses into fully paid-up agreements could materially reduce revenues. The licensing process is lengthy and costly, and future revenue is difficult to predict. If the company fails to achieve expected licensing income, meet revenue projections, or deliver on publicly announced guidance, its financial results and stock price could be adversely affected.</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--RmbsOperationalAndGlobalRisksMember_zgvTJl7Fi2Sd"></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>RMBS Operational and Global Risks. </i>RMBS depends on third-party manufacturers, distributors, and service providers to deliver products and support customers. Any disruption or failure by these parties could impair operations, lead to excess or insufficient inventory, or harm customer relationships. A substantial portion of the company’s revenue is generated outside the United States, exposing it to risks from global economic weakness, inflationary pressures, currency fluctuations, international trade restrictions, and regulatory requirements. In addition, cybersecurity breaches, data theft, or disruptions to IT systems could compromise sensitive information, damage customer trust, and result in material financial or reputational harm.</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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RmbsLegalAndComplianceRisksMember_zkbQrMPeyJqb"></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>RMBS Legal and Compliance Risks. </i>RMBS faces risks from litigation, regulatory proceedings, and intellectual property disputes, including challenges to its patents or claims that its products infringe on the rights of others. Failure to adequately protect its inventions could erode its competitive position, while adverse outcomes in litigation could impose significant costs. The company is also subject to evolving regulations related to data privacy, corporate governance, and export controls, which may increase compliance costs. Furthermore, if RMBS fails to maintain effective internal controls or disclosure procedures, it may be unable to provide accurate financial reporting, which could reduce investor confidence and adversely affect the value of its stock.</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--SemiconductorsAndSemiconductorEquipmentIndustryRisksMember_zwA7OEYwq1Dg"></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>Semiconductors &amp; Semiconductor Equipment Industry Risks</i>. Competitive pressures may have a significant effect on the financial condition of semiconductor companies and, as product cycles shorten and manufacturing capacity increases, these companies may become increasingly subject to aggressive pricing, which hampers profitability. Reduced demand for end-user products, under-utilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor sector. Semiconductor companies typically face high capital costs and may be heavily dependent on intellectual property rights. The semiconductor sector is highly cyclical, which may cause the operating results of many semiconductor companies to vary significantly. The industry is complex and global in nature, with manufacturing plants predominantly located in East Asia. Because of this, it is subject to numerous risks, including geopolitical tensions, earthquakes, and extreme weather events. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_z9znd4jRDn1i" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zYZFf1jh1FNd" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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> </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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 56.13%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 79.55%. The Underlying Security’s annualized performance during this period was 41.10%. 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zJp3DxjNjAba" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zTPP9Wc9aIPi" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgTLDaQgsBWh" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_z38N1y1SKng7" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zQVGvULaJlUi" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zCNq0cJ3XWAj" 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_zrUEUNyGidV" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zVsz3d2fCEQg" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zsA5F9biob53" 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_z05m9r1ZmKj1" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zyw4LoAFNmG" 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_zRPqtRNtUcJ5" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z4jW7z9IfISi" 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_zQPaWgfyjPgi" 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_z3Mjb98x03Yl" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zlQQ1VRIJxTe" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zzoA0Y0MqQs1" 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_zN7F15EQ0Ke2" 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_zqvcMyRG7rKi" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zgBqq9wKYhQc" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zdBoHeWSyfx4" 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--NewFundRiskMember_znAngSHu9vV2" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z3dG9jWkQPtl" 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_z7Fy9MYODlYf" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zNXBPHmLYG01" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentandUSAgencyObligationsRiskMember_z4Q1jDPVWAYg" 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_zZ7iLcl3m8Nh" 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_zR7JA5D9ch3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100088Member_zPwieQm6DOFe">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100088Member_zPsrZDbHlwZ7">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100088Member_zGwSk6Im1s1h">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100088Member_zv0bOdqZQim8">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 LONG VRTX ETF – FUND SUMMARY Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zNDkA0sq8hXa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX). 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"> </p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zBkShOPAgcpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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"> </p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zEXTuezi908i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zB6Qe6lXobV6" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100089Member_zL89snwVRiOf" style="border-bottom: Black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F65_z9Z9tZnmRunk">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269899Member_zyg6FTw5T3yf" style="border-bottom: Black 1pt solid; width: 4%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_z8saWE62YaYb" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zy76B1HY65vg" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zXcsN51fvIId" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F48_zKunRUEn60N1">(2)</sup> (includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zNr6PXwrnrp5" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F4D_zBe2x8VAzSNi">(3)</sup></td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F03_zcGinavLCpae">(1)</sup></td><td id="xdx_F14_zOopvRYNXqmd" 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_F00_zNnWhyGMCWW">(2)</sup></td><td id="xdx_F10_zWJmgfdCkmba" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100089Member_zQPPk6beTef">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_F05_zN968XtrKkTc">(3)</sup></td><td id="xdx_F14_zdSNC5GThlxb" 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_A8A_eoef--ExpenseExampleNarrativeTextBlock_zOnBk14e7OE7" 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_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zllnx2XFXudb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zMArg1Z637tj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zQ1uFZDOZKg3" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zGfHaWibv788" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td> </td> <td> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269899Member_zycwnQtqgLSe"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zqtMlxdic0W5" 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 has not yet commenced operations, 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_A87_eoef--StrategyNarrativeTextBlock_z32YxSD0n832" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100089Member_z5YBMjNDupN3">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"><b><span style="text-decoration: underline">Vertex Pharmaceuticals Incorporated (“VRTX”)</span></b></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; text-align: justify">Vertex Pharmaceuticals Incorporated is a global biotechnology company with approved medicines addressing cystic fibrosis, sickle cell disease, transfusion-dependent beta thalassemia, and acute pain. Its clinical pipeline includes programs in additional serious diseases, including IgA nephropathy, APOL1-mediated kidney disease, neuropathic pain, type 1 diabetes, primary membranous nephropathy, autosomal dominant polycystic kidney disease, and myotonic dystrophy type 1. VRTX is listed on The NASDAQ Global Select Market (together, “Nasdaq”). Per VRTX’s most recent Form 10-K filing, the aggregate market value of its common stock held by non-affiliates based on the closing price on June 30, 2025 was approximately $113.4 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">VRTX is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by VRTX pursuant to the Exchange Act can be located by reference to SEC file number 000-19319 through the SEC’s website at www.sec.gov. In addition, information regarding VRTX 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 VRTX or other securities of Vertex Pharmaceuticals Incorporated. The Fund has derived all disclosures contained in this document regarding VRTX 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 VRTX. 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 VRTX 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 VRTX (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 VRTX 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 VRTX.</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 VERTEX PHARMACEUTICALS INCORPORATED. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, VERTEX PHARMACEUTICALS INCORPORATED.</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, Vertex Pharmaceuticals Incorporated has not participated in the development of the Fund’s investment strategy. Vertex Pharmaceuticals Incorporated does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Vertex Pharmaceuticals 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 Vertex Pharmaceuticals Incorporated.</p> <p style="font: 10pt Times New Roman, 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 VRTX 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, VRTX is assigned to the Biotechnology 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--VrtxRisksMember_zzUPMvDfWbJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>VRTX Risks.</b> The Fund invests in swap contracts and options that are based on the share price of VRTX. This subjects the Fund to certain of the same risks as if it owned shares of VRTX, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of VRTX, 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentInVrtxRiskMember_zlovahMIkQ9"></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 VRTX Risk</i>. VRTX 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 VRTX but will be exposed to the performance of VRTX (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from VRTX, 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--VrtxTradingRiskMember_zVGt4MZaQ9S9"></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>VRTX Trading Risk</i>. The trading price of VRTX may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence VRTX’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence VRTX’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 VRTX’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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--VrtxPerformanceRiskMember_zRp1he3f5sd4"></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>VRTX Performance Risk</i>. VRTX may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of VRTX to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance VRTX provides may not ultimately be accurate. If VRTX’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 VRTX 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--VrtxCommercializationRisksMember_zW1zN1RZ8dpf"></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>VRTX Commercialization Risks.</i> VRTX’s financial performance depends on sustaining revenues from existing therapies and successfully commercializing new products. Future revenues are subject to uncertainty around pricing and reimbursement decisions by government programs, private insurers, and foreign health authorities. Increasing pricing pressure, health care reforms, and challenges obtaining adequate reimbursement, particularly for cell and gene therapies, could reduce profitability or limit patient access to the company’s medicines.</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--VrtxOperationalRisksMember_zKAHC84AbRWl"></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>VRTX Operational Risks.</i> VRTX relies on third-party manufacturers, suppliers, and research partners to support its development and commercialization activities. Disruptions, delays, or failures by these third parties could impair product availability, extend development timelines, or increase costs. The company also pursues acquisitions, collaborations, and other strategic transactions, which may not deliver anticipated benefits, may divert management attention, and could introduce operational or integration risks that negatively affect results.</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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VrtxLegalAndFinancialRisksMember_zqGnZGgwot73"></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>VRTX Legal and Financial Risks.</i> VRTX’s business is subject to risks from litigation, government investigations, and regulatory enforcement actions, which could result in fines, penalties, or restrictions on operations. Intellectual property challenges, including the potential for third-party infringement claims or invalidation of patents, could also adversely affect the company’s ability to protect its products. In addition, VRTX’s stock price may experience volatility due to fluctuations in revenues, clinical and regulatory outcomes, or broader market conditions, while changes in tax laws or global regulatory requirements may increase compliance costs and financial uncertainty.</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--BiotechnologyIndustryRiskMember_zgwR9uE6JB1c"></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>Biotechnology Industry Risk. </i>The biotechnology industry can be significantly affected by patent considerations, including the termination of patent protections for products, intense competition both domestically and internationally, rapid technological change and obsolescence, government regulation and expensive insurance costs due to the risk of product liability lawsuits. In addition, the biotechnology industry is an emerging growth industry, and therefore biotechnology companies may be thinly capitalized and more volatile than companies with greater capitalizations. Biotechnology companies must contend with high development costs, which may be exacerbated by the inability to raise prices to cover costs because of managed care pressure, government regulation or price controls.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zD8vkEjXc9uk" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zJcoPqgHnAXj" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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> </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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050">153.5%</td> <td style="vertical-align: top; background-color: #92D050">140.5%</td> <td style="vertical-align: top; background-color: #C00000"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 28.89%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 36.63%. The Underlying Security’s annualized performance during this period was 19.75%. 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_z9ELHhA1pIt5" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zpCXRe0D7Smj" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z2LeJJPC1mX9" 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_zce8t6xF17Xl" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zpPCz9XdEbal" 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_zvQAMPzntjQ5" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zzZbAtCMCzi9" 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_zq8TtUI7wxm" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zoVk2BhX7RCi" 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_zEfqdqR964e3" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zkzkAaqZmoWh" 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_z4CNkCCVvmNi" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NineNineCostsOfBuyingOrSellingSharesMember_zPJCeo34fEu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">99<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_zDu983jsvTck" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_ziiHwtba5Oh3" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_zxNavIxN9IH5" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_znn72ZaPn4yg" 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--HighPortfolioTurnoverRiskMember_z3xLynqE2F9b" 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_zm1KovsrhwE3" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zc33Op9KVSc4" 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_zBz88uYl5MV5" 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_z9eGq7OMr4Fj" 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_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zWYF2FaT5Bpa" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zrACL8XSLpY9" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z3cY7lYXRJ0c" 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_z1wBn11Vh0Ll" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zmoWrQC7KZUd" 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_zq5Iy6sdAe42" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100089Member_zoeaSBx9ISm2">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100089Member_zM8bU74h0lrf">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100089Member_zMAW5lNxGZAj">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100089Member_zq7Vx4wbmkW5">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 LONG WING ETF – FUND SUMMARY Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z4dIOovDS3m6" 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 Wingstop Inc. (Nasdaq: WING). 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_zX4w4ahIGnT7" 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_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zvIYWtVhqVyb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zzWfk3FhOGqd" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100080Member_zZ4WdZY0SVT" style="border-bottom: Black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F62_zJeRw9I8iGi4">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49C_20260828__20260828__oef--ClassAxis__custom--C000269890Member_zrSDsBl1Yewa" style="border-bottom: Black 1pt solid; width: 4%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zjMoewlpBXpi" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPeQqf26q30g" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zRCcGLZYPfed" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F4C_zqekvWtmkFJh">(2)</sup> (includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zk1i9932llX9" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F43_zYv4iVp2CBdf">(3)</sup></td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double"> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_zL7SKSiv8Bdg">(1)</sup></td><td id="xdx_F18_zTsYnMIGNLn9" 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_F08_z5xnPRfFmkJ1">(2)</sup></td><td id="xdx_F1E_zCCxAERP3P8b" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100080Member_zKyswklXMcX5">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_F0F_zjfvkt0q3H5g">(3)</sup></td><td id="xdx_F19_zzcnivX7GJK4" 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_A8C_eoef--ExpenseExampleNarrativeTextBlock_z8IqOiHRn5" 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_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQt38o2lZEq8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zOAJbm4r2GKh" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zRw92ICIPPm7" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zM7cntX5rOsf" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr> <td> </td> <td> </td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269890Member_zyunSQ9iEqek"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zzULrIMgyBW2" 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 has not yet commenced operations, 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_A80_eoef--StrategyNarrativeTextBlock_zyp2Xf5GxOti" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100080Member_zqJ77uMeIzya">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">Wingstop Inc. (“WING”)</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">Wingstop Inc. is a fast casual chicken wings-focused restaurant chain. WING is listed on The Nasdaq Global Select Market (“Nasdaq”). Per WING’s most recent Form 10-K filing, as of June 27, 2025, the aggregate market value of its outstanding common equity held by non-affiliates was approximately $9.7 billion, based on the closing price of its common stock on such date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WING is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by WING pursuant to the Exchange Act can be located by reference to SEC file number 001-37425 through the SEC’s website at www.sec.gov. In addition, information regarding WING 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 WING or other securities of Wingstop Inc. The Fund has derived all disclosures contained in this document regarding WING 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 WING. 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 WING 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 WING (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 WING 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 WING.</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 WINGSTOP INC. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, WINGSTOP 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, Wingstop Inc. has not participated in the development of the Fund’s investment strategy. Wingstop Inc. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. Wingstop 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 Wingstop 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 WING 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, WING is assigned to the Hotels, Restaurants &amp; Leisure 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--WingRisksMember_zZojBXU76BK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>WING Risks.</b> The Fund invests in swap contracts and options that are based on the share price of WING. This subjects the Fund to certain of the same risks as if it owned shares of WING, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of WING, 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--IndirectInvestmentInWingRiskMember_zyq4dJxEPIIh"></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 WING Risk. </i>WING 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 WING but will be exposed to the performance of WING (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from WING, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--WingTradingRiskMember_zaWRrj6zHvy1"></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>WING Trading Risk. </i>The trading price of WING may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence WING’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence WING’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 WING’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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--WingPerformanceRiskMember_zWlvcsH3Tyl9"></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>WING Performance Risk. </i>WING may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of WING to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance WING provides may not ultimately be accurate. If WING’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 WING 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--WingOperationalRisksMember_z6LGORqBVa2g"></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>WING Operational Risks</i>. WING’s operations are sensitive to volatility in the cost and availability of chicken wings and other key inputs. Supply disruptions, disease outbreaks, labor shortages, or inflationary pressures may increase costs, and the company may be unable to offset them through pricing or efficiencies. WING also relies heavily on digital ordering, payment processing, and delivery platforms, creating risks from outages, vendor underperformance, or cyber incidents that could disrupt operations, expose confidential data, and erode customer trust.</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--WingFinancialAndRegulatoryRisksMember_zjCy6WOQoAK1"></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>WING Financial and Regulatory Risks</i>. WING and its franchisees are subject to extensive regulation covering food safety, employment, privacy, advertising, and franchising practices. Changes in laws, non-compliance, or potential “joint employer” liability could increase costs and restrict operations. The company’s geographic concentration in certain states and expansion into international markets also expose it to localized economic conditions, natural disasters, regulatory differences, and currency fluctuations. In addition, restrictive covenants under WING’s securitized debt may limit financial flexibility, and breaches could adversely affect liquidity and growth. </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--HotelsRestaurantsAndLeisureIndustryRisksMember_zwiOReBYc4A6"></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>Hotels, Restaurants and Leisure Industry Risks</i>. The hotels, restaurants &amp; leisure industry is highly competitive and relies heavily on consumer spending for success. The prices of securities of companies in the hotels, restaurants &amp; leisure industry may fluctuate widely due to general economic conditions, consumer spending and the availability of disposable income, and consumer tastes, preferences, and demographics. Companies involved in the hotels, restaurants &amp; leisure industry may be affected by the availability and expense of liability insurance. Legislative or regulatory changes and increased government supervision also may affect companies in the hotels, restaurants &amp; leisure industry.</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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In particular, the restaurant segment of this industry is highly competitive with respect to, among other things, food quality and presentation, taste preferences, price, brand reputation, digital engagement, service, value, and location. WING faces significant competition from national, regional, and locally-owned restaurants, including limited service restaurants, particularly within the fast-casual dining and traditional fast-food categories, which offer in-restaurant, carry-out, delivery, and/or catering services. WING also competes with grocery stores, convenience stores, meal subscription services, and delivery kitchens, especially those that target guests who seek high-quality food. In addition, food safety issues and food-borne illness concerns may also harm businesses operating in the restaurant segment of this industry</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zqHAAh8X8B49" 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_z7tvCZ18C445" 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="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> <td colspan="4" style="vertical-align: top"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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> </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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 five-year annualized historical volatility rate for the period ended June 30, 2026 was 51.02%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 63.31%. The Underlying Security’s annualized performance during this period was 1.93%. 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 id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zZDEU6BHJtb9" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zhBdhU5iCoSk" 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 style="font: 10pt Times New Roman, 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zfL5sKUtHNQf" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsMember_zpwLuBj0ynXh" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zlOtQwjNmzwc" 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 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--CounterpartyRiskMember_z0hgBNiKqIO1" 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_zpHIquXTNITj" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zKPjSUDnqmxh" 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_zcrqNm84p4H" 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--EtfRisksMember_zHljzUjJrnl5" 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_zHgmE5LogiI5" 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 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--CashRedemptionRiskMember_zCmqpxci7o57" 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_zP5uLTqiQim6" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zU3n7pWHWGl5" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zHcV3v3egysf" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRisksMember_z4oO9hzfrpN2" 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_zsAUfZueGy3d" 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_ztoHTGJL0Nrl" 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 style="font: 10pt Times New Roman, 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--TrackingErrorRiskMember_zsra76K8Qpe4" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zSq6Y0GBJ398" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zpi0pAW7tYR5" 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--NewFundRiskMember_zprsadb3M2b" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zCohEBKcGAI3" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zbR17vs86g75" 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_zcXn4r7WPmih" 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_zbCqLInfZs4l" 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 style="font: 10pt Times New Roman, 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--TaxRiskMember_zYcju7miMdjh" 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_z45khJVVOMWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100080Member_zjsJSMjpBKd1">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100080Member_zcELw6Z0FVi4">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100080Member_zWVnac1zRjEi">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100080Member_zSVw17LsnbTc">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 LONG ZIM ETF – FUND SUMMARY Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zFIKN4Iqfjaa" 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 ZIM Integrated Shipping Services Ltd. (NYSE: ZIM). 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_z80SLJMpd8u" 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_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z49h9tof9Pr6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zqPmOzwE1SJd" 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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100081Member_zsBx6DmUfj71" style="border-bottom: Black 1pt solid; width: 93%"><b>Annual Fund Operating Expenses<sup id="xdx_F66_zJOV1QdKNbe3">(1) </sup>(expenses that you pay each year as a percentage of the value of your investment)</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49F_20260828__20260828__oef--ClassAxis__custom--C000269891Member_zaDMrcV1uVH6" style="border-bottom: Black 1pt solid; width: 4%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zKL0Em2BMzf7" style="vertical-align: bottom"> <td>Management Fee</td> <td> </td> <td> </td> <td style="text-align: right">1.29</td> <td>%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6TBS1MLsLB2" style="vertical-align: bottom"> <td>Distribution and Service (12b-1) Fees</td> <td> </td> <td> </td> <td style="text-align: right">None</td> <td> </td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z0ctOxPmX6cc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid">Other Expenses<sup id="xdx_F4D_zY2EAMeEqusi">(2)</sup> (includes interest and brokerage expense)</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">0.02</td> <td style="border-bottom: Black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zRFRwCNkt6rd" style="vertical-align: bottom"> <td>Total Annual Fund Operating Expenses<sup id="xdx_F4E_zrDTzjmba1y5">(3)</sup></td> <td> </td> <td> </td> <td style="border-bottom: Black 1.5pt double; text-align: right">1.31</td> <td style="border-bottom: Black 1.5pt double">%</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_F0B_zOpMESrputp6">(1)</sup></td><td id="xdx_F12_zwC8nag6Cy6e" 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_F0A_zXbHlMQpijV3">(2)</sup></td><td id="xdx_F15_zXTg249AZU71" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260828__20260828__dei--LegalEntityAxis__custom--S000100081Member_zq7z7odx9Jz4">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_F08_zJhgubKd6nb5">(3)</sup></td><td id="xdx_F17_zD8xd0AO2P9f" 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_A8F_eoef--ExpenseExampleNarrativeTextBlock_zZN2aO6vS6l3" 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_zcO4sg7iLiK"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zLPCIPFfJjU7" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_z4fy4vrEnKMe" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>1 Year</b></td> <td id="xdx_488_eoef--ExpenseExampleYear03_ziIy3g2uceqc" style="border-top: Black 1pt solid; width: 50%; text-align: center"><b>3 Years</b></td></tr> <tr id="xdx_412_20260828__20260828__oef--ClassAxis__custom--C000269891Member_zQbO8KH4pBi6"> <td style="border-bottom: Black 1pt solid; text-align: center">$133</td> <td style="border-bottom: Black 1pt solid; text-align: center">$415</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 133 415 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zNMdYhAKdVC5" 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 has not yet commenced operations, 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_A84_eoef--StrategyNarrativeTextBlock_z2jHzSODK48e" 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_90E_eoef--StrategyPortfolioConcentration_c20260828__20260828__dei--LegalEntityAxis__custom--S000100081Member_zlw4L5Eaijx4">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">ZIM Integrated Shipping Services Ltd. (“ZIM”)</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">ZIM Integrated Shipping Services Ltd. is a global container liner shipping company, founded in Israel in 1945, that focuses on niche markets and provides seaborne transportation and logistics services with an emphasis on transit times, schedule reliability, and service quality. ZIM is listed on the New York Stock Exchange (“NYSE”). Per ZIM’s most recent Form 20-F filing, the number of outstanding shares of each of its classes of capital or common stock as of the close of December 31, 2025 was approximately 120.4 million 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">ZIM is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the SEC by ZIM pursuant to the Exchange Act can be located by reference to SEC file number 001-39937 through the SEC’s website at www.sec.gov. In addition, information regarding ZIM 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 ZIM or other securities of ZIM Integrated Shipping Services Ltd. The Fund has derived all disclosures contained in this document regarding ZIM 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 ZIM. 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 ZIM 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 ZIM (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 ZIM 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 ZIM.</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 ZIM INTEGRATED SHIPPING SERVICES LTD. THE FUND WAS NOT DEVELOPED OR CREATED BY, AND IS NOT SPONSORED, ENDORSED, OR APPROVED BY, ZIM INTEGRATED SHIPPING SERVICES 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, ZIM Integrated Shipping Services Ltd. has not participated in the development of the Fund’s investment strategy. ZIM Integrated Shipping Services Ltd. does not select or approve the Fund’s portfolio holdings, nor does it participate in the construction, design, or implementation of the Fund. ZIM Integrated Shipping Services 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 ZIM Integrated Shipping Services 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 ZIM 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, ZIM is assigned to the Marine Transportation 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZimRisksMember_z5m5pqrOHj3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ZIM Risks.</b> The Fund invests in swap contracts and options that are based on the share price of ZIM. This subjects the Fund to certain of the same risks as if it owned shares of ZIM, even though it does not. By virtue of the Fund’s investments in swap contracts and options that are based on the value of ZIM, 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--IndirectInvestmentInZimRiskMember_zBIcygMKjeoe"></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 ZIM Risk.</i> ZIM 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 ZIM but will be exposed to the performance of ZIM (the Underlying Security). Investors will also not have the right to receive dividends or other distributions from ZIM, 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZimTradingRiskMember_z9pUhQ08TV15"></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>ZIM Trading Risk.</i> The trading price of ZIM may be subject to volatility and could experience wide fluctuations due to various factors. Short sellers may also influence ZIM’s trading activity, contributing to market instability. Public perception and external factors beyond the company’s control may influence ZIM’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 ZIM’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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZimPerformanceRiskMember_z207sHlhsF33"></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>ZIM Performance Risk.</i> ZIM may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of ZIM to decline. Correctly identifying key factors affecting business conditions and predicting future events is inherently an uncertain process, and the guidance ZIM provides may not ultimately be accurate. If ZIM’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 ZIM 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--ZimGeopoliticalAndCompetitiveRisksMember_zpWMNz155ori"></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>ZIM Geopolitical and Competitive Risks. </i>ZIM operates in a highly cyclical container shipping market where profitability depends on volatile freight rates, supply and demand dynamics, and competition from larger carriers with greater financial and operational resources. As an Israeli-incorporated company, ZIM is uniquely exposed to regional political and security risks, including ongoing instability in the Middle East, which can disrupt trade routes and increase operational uncertainty. Broader geopolitical developments such as the Russia-Ukraine war and U.S.-China trade frictions may further alter trade flows and weaken demand for shipping services, putting pressure on ZIM’s market position and financial performance. On August 22, 2025, ZIM received a notice from the Turkish Port Authorities through its local agent in Turkey, that as a result of a new regulation adopted in Turkey, vessels that are either owned, managed or operated by an entity related to Israel will not be permitted to berth in Turkish ports. This said regulation has been adopted with immediate effect. Separately, based on the new regulation, among others, vessels that are carrying military cargo destined to Israel will not be permitted to berth in Turkish ports; in addition, Turkish-flagged vessels will be prohibited from berthing in Israeli ports. As a result of the above new regulation, ZIM re-routed certain company-operated vessels that were scheduled to call Turkish ports. If the new regulation remains unchanged or if other countries adopt similar regulations, it is expected to negatively impact ZIM’s financial and operational results. ZIM is currently developing a mitigation plan to reduce the potential adverse effects of this regulation but there is no guarantee it will be successful, which could have a negative impact in ZIM and therefore the Fund.</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> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ZimOperationalCostAndEnvironmentalRisksMember_zLfSDyQhwXfe"></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>ZIM Operational, Cost, and Environmental Risks. </i>ZIM’s reliance on chartered vessels creates cost volatility, as charter expenses may remain elevated even when freight markets are weak. In addition, the company’s profitability is exposed to unpredictable operating costs such as bunker fuel, container repositioning, and port or terminal charges. Expanding environmental regulations, including stricter emissions requirements and ESG-related reporting obligations, may require costly compliance measures, reduce operational flexibility, and pressure margins. ZIM also faces risks from infrastructure disruptions, logistical inefficiencies, and weather-related events that could impair service reliability and customer relationships.</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--ZimRegulatoryLegalAndCybersecurityRisksMember_zm4jXRYBeFB4"></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>ZIM Regulatory, Legal, and Cybersecurity Risks</i>. ZIM is subject to extensive international shipping regulations and growing scrutiny from regulators in the United States, China, and other markets. New legislative initiatives, such as the U.S. Ocean Shipping Reform Act of 2022, impose additional compliance burdens and may heighten litigation risks or limit ZIM’s ability to collect fees. Governments may also adopt measures favoring local competitors or restricting foreign carriers, potentially increasing costs and reducing competitiveness. In addition, as both a global shipping operator and an Israeli-based company, ZIM faces elevated cybersecurity risks, including targeted attacks during times of conflict. A significant breach could compromise sensitive data, disrupt operations, damage customer relationships, and result in material financial or reputational harm.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarineTransportationIndustryRisksMember_zVu9iqz9kRH4"></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>Marine Transportation Industry Risks.</i> Companies in the global shipping and marine transportation industry face risks from fuel price volatility, fluctuations in global trade and manufacturing patterns, port congestion, labor shortages, natural disasters, geopolitical instability, regulatory changes, piracy, terrorism, and cybersecurity threats. These risks can increase operating costs, reduce efficiency, and materially impact valuations across the sector.</td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingleIssuerRiskMember_zMsqNw8rKFO7" 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingAndMarketVolatilityRiskMember_zyK7DMRtGVch" 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"><b>Estimated Returns of 200% or Two Times</b><br/> <b>Performance of the Underlying Security</b></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> </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"><b>Underlying Security Performance</b></td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center"><b>One Year Volatility Rate</b></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 23%; text-align: center"><b>One Year</b><br/> <b>Underlying</b><br/> <b>Security</b></td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 21%; text-align: center"><b>2X Times</b><br/> <b>(200%) the</b><br/> <b>One Year</b><br/> <b>Performance</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>10%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>25%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>50%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>75%</b></td> <td style="border-bottom: Black 1pt solid; width: 11%; text-align: center"><b>100%</b></td></tr> <tr> <td style="text-align: center"><b>-60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-84.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-87.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.9%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-94.1%</td></tr> <tr> <td style="text-align: center"><b>-50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-75.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-76.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-80.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-85.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-90.8%</td></tr> <tr> <td style="text-align: center"><b>-40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-64.4%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-66.2%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-72.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-79.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-86.8%</span></td></tr> <tr> <td style="text-align: center"><b>-30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-51.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-54.0%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-61.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-72.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-82.0%</span></td></tr> <tr> <td style="text-align: center"><b>-20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-36.6%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-39.9%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-50.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.5%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-76.5%</span></td></tr> <tr> <td style="text-align: center"><b>-10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>-20%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">-19.8%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-23.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-36.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-53.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-70.2%</span></td></tr> <tr> <td style="text-align: center"><b>0%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>0%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-1.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-6.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-22.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-43.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-63.2%</span></td></tr> <tr> <td style="text-align: center"><b>10%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>20%</b></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">19.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">13.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-5.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-31.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-55.5%</span></td></tr> <tr> <td style="text-align: center"><b>20%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>40%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">42.6%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">35.3%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">12.1%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-18.0%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-47.0%</span></td></tr> <tr> <td style="text-align: center"><b>30%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>60%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">67.3%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">58.8%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">31.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-3.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-37.8%</span></td></tr> <tr> <td style="text-align: center"><b>40%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>80%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">94.0%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">84.1%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">52.6%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">11.7%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-27.9%</span></td></tr> <tr> <td style="text-align: center"><b>50%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>100%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">122.8%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">111.4%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">75.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">28.2%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">-17.2%</span></td></tr> <tr> <td style="text-align: center"><b>60%</b></td> <td style="vertical-align: top"> </td> <td style="border-right: Black 1pt solid; text-align: center"><b>120%</b></td> <td style="vertical-align: top; background-color: #92D050; text-align: right">153.5%</td> <td style="vertical-align: top; background-color: #92D050; text-align: right">140.5%</td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">99.4%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="color: White">45.9%</span></td> <td style="vertical-align: top; background-color: #C00000; text-align: right"><span style="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 66.77%. The Underlying Security’s highest volatility rate for any one calendar year during this period was 76.65%. The Underlying Security’s annualized performance during this period was -10.36%. 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_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyCorrelationtrackingRiskMember_zwSVkDDDIpp6" 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_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zxrJwSGQvQJ1" 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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zIBQnAkckr19" 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_zqVINj1Xxupb" 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_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zJq2DTDldHb6" 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_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zHSeYzP1HTaf" 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_zhzIC2AUnx5f" 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_z8PYu4Hq6dyb" 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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zeT0O2Tm7sYc" 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z4ZJLXgMrOrk" 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_z076KJrj0dxd" 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_zQNo0vxG4hWl" 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z7RcIh66jLhl" 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_zPIKMFnKj5vc" 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_z9Pjf67zooS2" 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_zR9HmRSA1Oyh" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EconomicAndMarketRiskMember_zABAZP2Bb8Zg" 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_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zAepfhstKWCg" 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_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zSLEYaR4J3Ok" 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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zAfhUdkqzQ39" 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_zqk3rETik2O5" 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_zW8D4lnwtvA6" 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_zbnq8T1mwOd8" 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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_znryssAhpGca" 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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zv1CQWPg4oAk" 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_zFQ8pYjm1Ndl" 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_zSpm6Rvt6XBe" 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_A88_eoef--PerformanceNarrativeTextBlock_zY9HBhGqeaO2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260828__20260828__dei--LegalEntityAxis__custom--S000100081Member_zP2VmL2Oynub">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_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260828__20260828__dei--LegalEntityAxis__custom--S000100081Member_ze0yHP7KTOZg">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100081Member_z3q5pI0Y8Klc">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_c20260828__20260828__dei--LegalEntityAxis__custom--S000100081Member_zJ8Ejo8oH8t2">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 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. 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 all expenses incurred by the Fund (except for advisory fees) 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. 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. Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund as a result of its investments in one or more underlying funds, including exchange-traded funds and money market funds. 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. Acquired Fund Fees and Expenses are expenses indirectly incurred by the Fund as a result of its investments in one or more underlying funds, including exchange-traded funds and money market funds. 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. 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.